Singapore-based DBS bank has unveiled its e-CNY merchant collection solution. In a Wednesday blog post, the firm confirmed the development, stressing that the solution will enable businesses to receive CBDC payments without any hindrance.
By virtue of this development, DBS is now among the first foreign banks in China to launch such an initiative. In its blog post, the banking giant talked more about the capabilities of the solution. As revealed, the solution helps to empower all its institutional customers to take payments in e-CNY from their clients. Recall that e-CNY is popular as the Central Bank Digital Currency (CBDC) of China. Also, the DBS solution will ensure that these institutional clients get direct automated settlement of e-CNY into their CNY deposit account.
e-CNY merchant solution to avail enablement for businesses to use CBDC – DBS
Through the e-CNY merchant solution, DBS wants to avail easy and effective enablement for businesses to take the CBDC. This is achievable through the unique capabilities of the project, thereby allowing the clients to avoid the hurdles involved in settlement processes. Notably, these businesses would be able to receive the payments virtually even with a limited internet connection.
DBS added that the solution also avails consolidated merchant reports driven by identified e-CNY transactions. The report, as revealed, will be accessible through the digital platform of the banking giant, known as DBS IDEAL.
The CEO of DBS (China) Ginger Cheng gave some insights about the development. According to him, the banking leader saw increasing demand from its clients for the merchant solution. This demand, as revealed by the exec, prompted efforts from the firm to accelerate the development of the solution. He added that DBS has now successfully completed its first e-CNY collection for its customer in Shenzhen. Through the seamless integration, Cheng said the client’s business will be positioned to use e-CNY daily. The efforts, according to him, further demonstrate the commitment of DBS to foster the development of market innovation in China.
Similarly, Lim Soon Chong, the head of Global Transaction Services also made some comments as regard the development. Loom further that the project helps affirm the position of DBS as a credible innovator of digital payment solutions. More so, the exec said the launch of the solution marks another feat in its vision to enable instant and efficient payments for our clients.