Singapore-based DBS has launched token services for its institutional clients, leveraging its blockchain-powered capabilities.
DBS has launched «DBS Token Services» – a suite of banking services that integrate tokenization and smart contract-enabled capabilities with its banking services, according to a statement. This includes instant, 24/7 real-time settlement of payments by integrating the bank’s Ethereum Virtual Machine-compatible permissioned blockchain.
«To capture the massive shift of human and corporate activity to on-demand digital services, companies and public sector entities are reimagining their operating models and customer engagement strategies,» said Lim Soon Chong, group head of global transaction services, DBS Bank. «A new generation of “always-on” banking services is essential to support this shift and transformation.»
Solution Suite
The token services suite includes three solutions. The first is «Treasury Tokens» which allows large corporations to settle multi-currency intra-group transactions instantly on a 24/7 basis. The second is «Conditional Payments» which allows institutions the potential to redesign and automate overall payment workflows. The third is «Programmable Rewards», a solution that leverages programmability to curate digital voucher programs for their customers in a cost-effective manner.
«By leveraging tokenization and smart contract capabilities, DBS Token Services enables companies and public sector entities to optimize liquidity management, streamline operational workflows, strengthen business resilience, and unlock new opportunities for end-customer or end-user engagement,» Lim added.
