In addition, the smart contracts allow programmability for institutions to manage the use of funds according to certain conditions. The use of a permissioned blockchain allows DBS full control over these services.
DBS introduced DBS token services, a new suite of services that integrate blockchain-enabled capabilities with DBS’s core transaction banking services. This aims to unlock new transaction banking capabilities and operating efficiencies for the bank’s institutional clients, said the bank in its Oct 18 announcement.
DBS added that its token services enable instant, 24/7 real-time settlement of payments by integrating its Ethereum virtual machine-compatible permissioned blockchain, its core payment engine and multiple industry payment infrastructure.
