JP Morgan and Singapore’s DBS, one of Asia’s leading financial services groups, are partnering to build a system that allows banks to move tokenized deposits between different blockchains.
By linking digital banking services, the two institutions aim to make cross-bank, cross-chain transactions faster, more efficient, and available 24 hours a day for institutional customers. It builds on existing blockchain functionality and aims to further expand it.
Building a cross-bank, cross-chain payment highway
This partnership will connect DBS Token Services and Kinexys Digital Payments to facilitate cross-bank, cross-chain payments.
The framework enables the smooth exchange and settlement of tokenized deposits on both public and private blockchains, and aims to set a new standard in the industry.
Once completed, an “interoperability highway” will be created between the two banks, linking public and private blockchains. Customers will be able to more easily conduct on-chain transactions across institutions and have access to a broader network than ever before.
Both banks are already offering their customers 24/7 access to liquidity and instant payments within their blockchain networks. With this partnership, the company aims to expand this.
This will enable institutional customers of DBS, the largest bank in Southeast Asia, and JP Morgan, the largest US bank, to make payments to each other and move tokenized deposits across borders in real-time, 24/7.
Ensuring the unity of money throughout the chain
The bank points out that the system maintains the “unity of money” as tokenized deposits are fungible and hold the same value across different banks and blockchains. This is an important feature in today’s multi-chain, multi-bank world.
Rachel Chew from DBS Bank highlighted that 24/7 instant payments gives businesses the speed and flexibility to seize opportunities on a global scale. She added that connecting different digital asset systems is key to safely moving tokenized money across borders.
He noted that the partnership between DBS and JP Morgan’s Kinexis represents an important step towards facilitating cross-border payments, which opens the door to future collaborations and could help build the next generation of financial services.
“Working with DBS on this initiative is a clear example of how financial institutions can work together to further enhance the benefits of tokenized deposits for institutional customers, while protecting the unity of money and ensuring interoperability across markets,” said Naveen Marella, Global Co-Head of Kinexys.
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Tokenization gains momentum
This comes at a time when tokenized finance is growing rapidly.
DBS recently partnered with Franklin Templeton and Ripple to provide trading and financing solutions to accredited and institutional investors. JP Morgan has issued a deposit token called JPMD on a public blockchain built by Coinbase.
Notably, a study by the Bank for International Settlements found that nearly one-third of banks in the countries surveyed are already considering tokenized deposits through pilots, launches, or surveys.
Through this move, DBS and JP Morgan’s Kinexys aim to make tokenized deposits more user-friendly and scalable. This partnership has the potential to transform the way global companies handle their finances while complying with regulations.
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FAQ
They are building a system to move tokenized deposits between blockchains and enable faster 24/7 cross-bank transactions.
By linking tokenized deposits across the chain, banks can instantly and efficiently settle payments to institutional customers around the world.
Tokenized deposits improve liquidity, streamline payments, and enable banks to offer real-time, interoperable financial services.
This could establish a new standard for cross-chain banking, making tokenized money scalable, compliant, and widely usable in global businesses.
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