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DBS rolls out blockchain-powered banking for institutions with DBS Token Services, marks new milestone in financial services

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DBS Token Services integrates blockchain-enabled capabilities with the bank’s core transaction banking services to deliver new client experiencesKey solutions include Treasury Tokens, Conditional Payments and Programmable RewardsDBS Token Services is the culmination of several industry pilots; marks next phase in the industrialisation of blockchain technology

SINGAPORE, Oct. 18, 2024 /PRNewswire/ — DBS today announced the introduction of DBS Token Services – a new suite of banking services that integrate tokenisation and smart contract-enabled capabilities with its award-winning banking services. It aims to unlock new transaction banking capabilities and operating efficiencies for its institutional clients.

DBS Token Services unlocks instant, 24/7 real-time settlement of payments by integrating the bank’s Ethereum Virtual Machine-compatible permissioned blockchain, its core payment engine and multiple industry payment infrastructures. In addition, smart contracts enable programmability for institutions to govern the use of funds according to predefined conditions, enhancing security and transparency. Using a permissioned blockchain provides DBS full control over these services, enabling the bank to harness the benefits of blockchain technology while adhering to compliance standards.

The culmination of several years of industry collaborations and experimentation in digital money innovations, the suite of solutions – Treasury Tokens, Conditional Payments, and Programmable Rewards – exemplifies how established financial institutions can leverage blockchain technology and smart contracts to deliver new client experiences.

Lim Soon Chong, Group Head of Global Transaction Services, DBS Bank, said: “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. A new generation of “always-on” banking services is essential to support this shift and transformation.”

“By leveraging tokenisation and smart contract capabilities, DBS Token Services enables companies and public sector entities to optimise liquidity management, streamline operational workflows, strengthen business resilience, and unlock new opportunities for end-customer or end-user engagement. It marks a significant step forward in transaction banking and demonstrates how established financial institutions can leverage blockchain technology to deliver new ground-breaking features and experiences,” he added.

Treasury Tokens: Solving for traditional treasury frictions

DBS recently launched Treasury Tokens, a next-generation treasury and liquidity management solution, in a pilot with Ant International. This solution currently supports ongoing intra-group transfers within Ant International.

Treasury Tokens empowers large corporations operating across multiple markets to settle multi-currency intra-group transactions instantly on a 24/7 basis, unconstrained by currency cut-off timings and non-banking hours associated with traditional banking systems.  Treasury Tokens provide corporate treasurers with greater visibility, predictability and control as they navigate the complexities of an increasingly real-time world.

Conditional Payments: Smarter payments and workflows

Building upon DBS’ recent programmable grant disbursements pilot with Enterprise Singapore and Singapore Fintech Association, DBS will explore the further application of Conditional Payments, opening up new possibilities for smart contracts to improve payment workflows. The pilot demonstrated the ability to programme conditions governing the disbursement of funds, providing the agency with enhanced governance control over disbursements handled by its appointed intermediary.

Conditional Payments offer institutions the potential to redesign and automate overall payment workflows and can be extended to varying forms of intermediated payments and milestone-based payments. Institutions and their partners can expect to benefit from greater transparency, operating efficiencies and control in transactions.

Programmable Rewards: the future of digital rewards and vouchers

DBS will also be exploring the application of smart contracts for Programmable Rewards. The solution enables institutions to leverage on programmability to curate digital voucher programmes for their customers in a cost-effective manner.

As part of this exploration, DBS Hong Kong recently announced its participation in the second phase of the Hong Kong Monetary Authority’s e-HKD Pilot Programme. DBS’ pilot aims to examine the use of programmable rewards and a hypothetical e-HKD – a digital Hong Kong dollar – to enhance a consumer incentive programme on an Environmental, Social, and Governance (ESG) reward platform. Participating corporates can create ESG campaigns and set redemption guidelines to foster a green corporate culture and promote participation. Users who complete green actions will receive new digital vouchers, which can be used to purchase green products and services at designated small and mediums-sized merchants.

DBS: Shaping the future of finance

Since 2016, DBS has been a driving force in several industry initiatives led by the Monetary Authority of Singapore to explore the potential of blockchain technology in enhancing Singapore’s financial landscape. Key initiatives include Project Ubin[1], Project Orchid[2] and Project Guardian[3].

DBS Token Services continues to explore broader applications of blockchain-enabled solutions, including the tokenisation of securities and digitalisation of trade finance. These innovations reflect DBS’ ongoing commitment to building a more robust and innovative banking landscape.

[1] Project Ubin is a multi-year multi-phase project, with each phase aimed at solving pressing challenges faced by the financial industry and the blockchain ecosystem. The project successfully concluded in 2020 after five phases and the publication of six project reports.

[2] Project Orchid is a multi-year multi-phase project led by the Monetary Authority of Singapore to develop the technology infrastructure and technical competencies necessary for a digital Singapore dollar. As part of Project Orchid, the Purpose Bound Money (PBM) protocol is developed to investigate the potential benefits of programmability in digital money. PBM is a protocol which specifies the conditions upon which funds can be disbursed when conditions are met.

[3] Project Guardian is a collaborative initiative between policymakers and the financial industry to enhance liquidity and efficiency of financial markets through asset tokenisation.

About DBS

DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 16 consecutive years from 2009 to 2024.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.

DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.

View original content:https://www.prnewswire.com/apac/news-releases/dbs-rolls-out-blockchain-powered-banking-for-institutions-with-dbs-token-services-marks-new-milestone-in-financial-services-302280078.html

SOURCE DBS BANK LTD

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AffableBPM Accepted into Prestigious Creative Destruction Lab (CDL) Startup Program

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October 18, 2024

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To Accelerate Growth in AI-Powered Automation Solutions through CDL’s Computational Health Stream.

SAMMAMISH, Wash., Oct. 18, 2024 /PRNewswire/ — AffableBPM, a leader in automating back-office business processes for healthcare organizations, is proud to announce its acceptance into the Creative Destruction Lab (CDL) program. The company will join CDL-Seattle’s Computational Health Stream, at the Foster School of Business, University of Washington.  The mission of the CDL program is to enhance the commercialization of science for the betterment of humankind.

AffableBPM proudly announces its acceptance into the CDL Startup program to accelerate growth in healthcare industry.

AffableBPM has been recognized for its AI-driven approach to automating complex workflows for healthcare organizations. Its platform leverages cutting-edge AI technologies to streamline processes such as Contract Lifecycle Management, Compliance Management, Denials Management, and Revenue Leakage Analysis. By integrating AI into these critical operations, healthcare organizations can achieve higher accuracy, efficiency, and data-driven decision-making, allowing them to focus more on patient care. AffableBPM was featured by Microsoft for harnessing the power of AI to drive operational efficiency and scalable growth in the healthcare sector. This recognition reinforces our commitment to innovation and positions us well as we commence our participation in the CDL Computational Health stream.

“We are excited and honored to join the CDL mentorship program,” said Rajashree Varma, CEO and Founder of AffableBPM. “AI is at the heart of what we do at AffableBPM. Through CDL, we look forward to advancing our AI capabilities even further to help healthcare organizations address industry-wide challenges, such as reducing administrative inefficiencies and optimizing resource management that has direct impact on their Return on Investment (ROI).”

The CDL-Seattle Computational Health supports founders solving biological, medical, and healthcare problems using innovative applications of software, data science, cloud computing, and artificial intelligence. As part of the program, AffableBPM will have access to top AI and healthcare experts, investors, and mentors, enabling the company to enhance further its AI-driven platform to meet the evolving needs of the healthcare industry.

AffableBPM aims to continue leading innovations in healthcare operational automation by utilizing AI to solve pressing issues such as manual processes inefficiencies, revenue leakage, compliance management, and denial management. With the support of mentors from CDL, the company will drive advancements that empower healthcare organizations to better manage their workflows and resources.

The CDL program will also serve as a key catalyst for AffableBPM as it prepares for its next phase of growth, including securing a Series A funding round in 2025, and further scaling its AI-powered solutions across the healthcare vertical.

For more information about AffableBPM, please visit http://www.affablebpm.ai. For more information about the CDL program, please visit https://creativedestructionlab.com/

About AffableBPM
AffableBPM is a SaaS solution that helps healthcare organizations streamline back-office business processes using AI-driven automation. By incorporating artificial intelligence into critical workflows such as Contract Lifecycle Management, Asset Management, Compliance Management, Denials Management, and Revenue Leakage Analysis, AffableBPM enables healthcare providers to operate more efficiently and make data-driven decisions. AffableBPM is recognized as an ISV Success Partner by Microsoft and brings partner benefits to enterprise customers under Microsoft Cosell motion.  

Media Contact:
Manisha Umbarje
Director of Marketing
425.428.7261
Manisha.umbarje@affablebpm.com

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SOURCE AffableBPM Corporation

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Centro Accelerates Growth and Expands Platform Capabilities with Enhanced Communication and Engagement Solutions

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October 18, 2024

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Strategic Expansion Strengthens Centro’s Role as a Transformational Force in the Broker and Carrier Space

ST. LOUIS, Oct. 18, 2024 /PRNewswire/ — Centro Benefits Research (Centro), a leading employee benefits consulting and technology firm, today announced a major expansion of its platform, aimed at transforming the broker-carrier ecosystem. Centro’s cutting-edge platform is expanding by adding advanced benefits communication technologies and engagement tools to its robust suite of solutions, including its API-driven rating and quoting platforms, further underscoring its position as one of the most comprehensive and impactful players in the ancillary space.

The addition of these enhanced solutions comes with Centro’s acquisition of EOI Service Company (EOI), a well-established leader serving brokers and large employer groups in benefit communications and employee engagement. This marks a pivotal moment in Centro’s ongoing growth strategy. By integrating EOI’s specialized solutions, Centro is deepening its technology and service offerings, equipping broker partners with advanced tools to better serve their clients and drive greater value.

“We are entering a new era of growth at Centro, building on our technology foundation to push the boundaries of what’s possible in the benefits space,” said Dan McAlone, Founder & President, Centro. “With the addition of EOI’s expertise, we’re poised to accelerate our impact on the industry, providing groundbreaking solutions that empower brokers, simplify benefits administration, and now drive greater engagement for the employees we reach. This is a significant step forward in our mission to integrate solutions that fundamentally change how the industry operates.”

EOI, based in Anaheim, CA and founded in 1978 by Jim Davidson, has built a powerful platform of technology-driven solutions that seamlessly integrate benefit communication strategies and enrollment support for broker partners and large employer groups. Additionally, EOI partners with brokers to develop long-term voluntary benefit strategies, streamline the RFP process, and negotiate with carriers to achieve significant cost savings. At closing, EOI represented over $400 million in voluntary benefits premium.

“Joining Centro allows us to scale our capabilities and continue evolving as leaders in benefit communications,” said Jim Davidson, Chairman & CEO, EOI. “Centro’s vision of transforming the industry with technology that streamlines processes and maximizes value aligns perfectly with the legacy we’ve built at EOI. Together, we’re positioned to deliver even more impactful solutions that not only meet the growing needs of brokers and employers but also redefine what’s possible in the benefits space.”

With this strategic expansion, Centro continues its momentum as a growing technology company, positioned to change the benefits landscape through its innovative platform, deep talent expertise, and commitment to delivering comprehensive solutions that drive value for broker partners and employer clients. Dowling Hales acted as exclusive financial advisor to EOI in its sale.

About Centro Benefits Research 

Centro Benefits Research is an ancillary benefits and technology consulting firm that enables brokers and carriers to deliver the best possible outcomes for their mutual customers through powerful research, deep industry expertise and the creation of digitally focused platform efficiencies that drive business growth. Centro’s mission remains squarely focused on bringing modern technology to a legacy insurance process and helping all stakeholders in the system work more effectively. For information, visit centrobenefitsresearch.com. 

About EOI Service Company

After 46 years in business, EOI’s unique capabilities in strategic planning, product evaluation, communication, and enrollment services are stronger than ever. 

EOI has expanded its suite of value-added services beyond the design, communication, and enrollment of benefit programs to include a more comprehensive array of services designed to meet corporate and HR initiatives. EOI prides itself on its continuous innovation and expansion of services.

Headquartered in Anaheim, CA, EOI is appointed, licensed, and represents clients in all 51 jurisdictions.  From 1978 to the present, the company has been led by the same management group and is well-known for its team of salaried, professional benefit counselors. 

Media Contact: Rachel Pennington, rachel.pennington@centrobenefits.com

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SOURCE Centro Benefits Research

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The Nora Project Supports Caregivers in Raising Kids Who Include

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53 mins ago

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October 18, 2024

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Virtual Learning Session Provides Tools for Guiding and Empowering Children

CHICAGO, Oct. 18, 2024 /PRNewswire/ — The Nora Project, a nonprofit committed to building inclusive classrooms, will host a fall training to provide practical, actionable advice and strategies for supporting kids as they develop the beliefs and skills needed to include others and be included.

This presentation gives caregivers tools, so they can support children as they take the lead in including others.

“Raising Kids Who Include” is a live-virtual learning session from The Nora Project, designed for anyone who contributes to a child’s growth and development. The 60-minute session will be at 8 p.m. ET / 7 p.m. CT on Nov. 19.

“So often, we want to plan out the details and dynamics for the children in our world,” said Anitra Schulte, a session presenter. “This presentation gives caregivers tools, so that instead of directing, we can support children as they take the lead in including others.”

Participants will learn how to support kids as they plan activities and explore honoring different ways of being.

“Everyone should be included in play,” said Amie Richards, a session presenter. “When we aren’t intentional about teaching kids how to include each other, it can lead to feelings of rejection for themselves or others. Teaching these skills at a young age is essential, and the ideas we share in this session are a great starting point.”

Registration for “Raising Kids Who Include” is $25 per person. The session will be held on Zoom. CART will be provided. If The Nora Project can support your engagement in the session in any additional ways, please email Info@TheNoraProject.Ngo.

View original content to download multimedia:https://www.prnewswire.com/news-releases/the-nora-project-supports-caregivers-in-raising-kids-who-include-302279791.html

SOURCE The Nora Project

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