DBS debuts digital tokens in corporate m-payments

FinTech Innovation editors
Daily News

DBS Bank has launched a new mobile banking feature that eliminates physical tokens for corporate transactions.

The feature added to DBS IDEAL Mobile uses digital tokens to make banking on the go simpler and more convenient for corporate treasurers and small business owners.

Available to both Apple and Android users, the bank claims to be the first Asian bank to offer this integrated service on one mobile platform.

Currently, corporate treasurers often have to carry several security tokens to conduct their business banking, with some having up to six physical tokens with them at any one time.

Specifically for iPhone users, the digital token utilises the user’s fingerprint to ensure identity confirmation and conduct secure online transactions. Android users will continue to key in their PIN to carry out transactions.

This new service is available to over 140,000 DBS IDEAL and DBS IDEAL Mobile customers across 10 markets. Over 3 million transactions a month are conducted on DBS IDEAL.

“As a bank that is shaping the future of banking, we want to provide an easy, more convenient and secure solution to our corporate customers. The new digital token feature on DBS IDEAL Mobile is a great example of how we are leveraging technology to help create a more intuitive and seamless banking experience for them,” DBS Bank head of global transaction services John Laurens said.

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