Singapore's DBS Bank is doing away with physical tokens for some corporate payments.
Reports on Wednesday (Oct. 12) said DBS is nixing the need for physical tokens through its IDEAL Mobile payment solution, offered to corporates and small businesses by turning the mobile device into the token. The app makes DBS the first Asian bank to offer an integrated corporate payment solution on a single mobile platform, the financial institution said.
"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," said DBS Bank Head of Global Transaction Services John Laurens in a statement. "The new 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."
Typically, corporate users of the platform must carry physical tokens to gain authorization for banking transactions. According to the bank, some professionals are forced to carry up to six tokens with them at any given time when using DBS IDEAL.
But by downloading the DBS IDEAL Mobile app, corporates can upload a virtual token onto their smartphones. In its announcement, the bank said the physical token is "secure, available 24/7 and easier to use" than physical tokens.
While the solution is available for iPhone and Android users, iPhone users can take advantage of its fingerprint capabilities to confirm a user's identity. Android users, meanwhile, key in their PIN.