Future of Payments

Future of Payments

Reimagining the evolution of a new world of payments on blockchain

Future of Payments

Reimagining the evolution of a new world of payments on blockchain

At a glance

As the world embraces greater innovations in the digital realm, we look to transform the payments networks and infrastructures, pushing the boundaries as never before. 

With the belief that blockchain and distributed ledger technology will undergird the core of future payment networks, our solutions are tailored to be future-ready and ubiquitous for both high-value and low-value payments operating globally, and round-the-clock, while still effectively preventing the illicit use of financial services.

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Purpose Bound Money

Purpose Bound Money (PBM) is digital money bounded by logic and transferrable upon fulfilment of programmable conditions. The tokenised cash can only be utilised for its intended purposes, such as within a specific time-period, to designated recipient, with pre-defined conditions for transfer of ownership of the underlying value. 

The concept of Purpose Bound Money was explored in Project Orchid, an industry effort led by the Monetary Authority of Singapore (MAS), to develop the technology infrastructure and technical competencies to enable a programmable digital Singapore dollar (SGD). 

DBS has partnered with Open Government Products (OGP) and launched a live pilot where PBM-based vouchers were issued using tokenised SGD to facilitate real-world transactions via OGP’s voucher platform. The pilot aims to demonstrate the feasibility of adopting smart contract technology for government voucher campaigns, interoperability across voucher schemes, and instant merchant payout where the voucher will be unwrapped to the underlying digital SGD immediately upon the merchant’s receipt.

The pilot has provided insights to how such transformative technology could benefit the broader ecosystems across consumers, businesses, & official agencies.


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Powered by blockchain

Leveraging the key benefits of programmability, immutability and traceability, which are inherent features of blockchain and distributed ledgers, Partior opens up new opportunities to address old pain points, particularly in cross-border payments.

Disrupting cross-border payments

Traditional cross-border payments use a ‘hub and spoke’ model, whereby funds travel through a network of correspondent banks, adding inefficiencies such as time and costs along the way.

Partior harnesses the power of blockchain to enable next generation, programmable value transfer in real-time, across a globally interoperable open platform for participating banks, their clients and the larger global financial system. By offering instantaneous settlement of payments for various types of financial transactions, Partior helps banks overcome limitations in the current standard sequential method of processing global payments.

Partior’s difference

Partior is an open industry platform, and banks around the world can join the network to access real-time cross-border multi-currency payments. Partior’s 24/7 blockchain network can complement and interoperate with real-time local currency payment/RTGS systems, which may not be 24/7.

As part of future enhancements, Partior plans to support broader multi-asset class use cases such as Delivery Versus Payment (DVP), FX Payment Versus Payment (PVP), tokenised asset borrowing and lending, and serve as a complementary platform for ongoing Central Bank Digital Currency (CBDCs) initiatives.

Projects Dunbar and Ubin
Project Dunbar

Project Dunbar is an experimental multi-CBDC (multiple central bank digital currencies) platform for international settlements, developed by BIS Innovation Hub and central banks of Australia, Malaysia, Singapore and South Africa.

Working with Project Dunbar, Partior’s blockchain technology has been further verified in the successful completion of prototypes on the distributed ledger technology Quorum, proving the technical feasibility of implementing a shared multi-CBDC platform. While further challenges remain, the successful development of these prototypes is a first step towards achieving the vision of a shared platform for multi-CBDCs and in laying the foundation of enhancing global cross-border payments.

Project Ubin

Project Ubin was the launch pad for the development of Partior. DBS has been a leading partner in Project Ubin since its inception in 2016. The multi-phase industry initiative, led by the Monetary Authority of Singapore (MAS), explores the uses of blockchain technology for clearing and settlement of payments and securities.

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