Singapore’s DBS has integrated a suite of blockchain-powered capabilities within its core transaction banking services for institutional clients.
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Announced after numerous pilots, the DBS Token Service offers lender customers tokenization and smart contract-enabled features such as financial tokens, conditional payments, and programmable rewards.
The technology enables instant, 24/7, real-time payments by integrating a permissioned blockchain compatible with the bank’s Ethereum virtual machine, a core payments engine, and payments infrastructure from multiple industries. . Additionally, smart contracts allow institutions to program control the use of funds according to predefined conditions.
DBS says that using permissioned blockchain will give it full control over these services, allowing it to leverage the benefits of blockchain technology while adhering to compliance standards.
Mr Lim Sun Chong, Head of Global Transaction Services Group, DBS Bank, said: “DBS Token Services leverages the power of tokenization and smart contracts to help enterprises and public sector organizations optimize liquidity management, streamline operational workflows, strengthen business resiliency, and create new capabilities. ” Opportunities for engagement with end customers or end users. ”
Treasury Tokens allow large companies operating in multiple markets to conduct multi-currency intra-group transactions 24/7, without being bound by currency deadline timing or after-hours restrictions associated with traditional banking systems. You will be able to pay instantly.
Conditional payments offer financial institutions the possibility to redesign and automate the entire payment workflow and can be extended to various forms of interim and milestone-based payments.
Programmable Rewards, on the other hand, aims to enable clients to curate digital voucher programs for their customers in a cost-effective manner.
