TLDRJPMorgan and DBS create framework for cross-border tokenized deposit transfers.New system links JPMorgan’s Kinexys with DBS Token Services for seamless blockchain payments.Real-time cross-chain settlements allow tokenized deposit transfers between institutions.The partnership enhances blockchain interoperability, benefiting institutional clients globally.Over a third of banks are exploring tokenized deposits, boosting digital payment efficiency.JPMorgan and DBS Bank are collaborating to create a framework enabling the transfer of tokenized deposits between different blockchain networks. This joint effort aims to offer institutional clients a seamless method for cross-border settlements, facilitating real-time transfers between private and public blockchains. The new system links JPMorgan’s Kinexys Digital Payments with DBS Token Services, expanding the capabilities of both banks’ blockchain payment platforms.Real-Time Transfers Across Blockchain NetworksCurrently, JPMorgan and DBS Bank offer instant payment capabilities within their own blockchain systems. This new initiative will connect their closed networks, allowing clients to transfer tokenized deposits between institutions without relying on traditional banking rails. The system is designed to allow cross-chain settlements, meaning a deposit on one blockchain could be sent and received on another.This effort marks a notable step in enhancing the interoperability of digital payments, particularly for institutional clients. With this framework, a client using JPMorgan’s deposit token on the Base blockchain could send funds to a client on DBS’s platform, who could then redeem or hold the tokens within their network.Strengthening the Digital Deposit EcosystemThe collaboration between JPMorgan and DBS reflects a growing trend among financial institutions to create a more interconnected digital deposit ecosystem. The move follows JPMorgan’s recent foray into decentralized finance (DeFi) with the issuance of a USD deposit token on Coinbase’s Base blockchain. By working together, the two banks aim to advance the benefits of tokenized deposits while ensuring money’s stability and consistency across markets.As blockchain technology continues to evolve, its role in institutional finance is expanding. More than a third of banks worldwide are either exploring or already implementing tokenized deposit systems, according to the Bank for International Settlements (BIS). This development comes as financial institutions seek efficient, secure, and fast solutions for cross-border transactions.Through this new partnership, JPMorgan and DBS Bank aim to set new standards for how digital assets can move across different systems and jurisdictions. The project is expected to provide enhanced efficiency and security for institutional clients engaging in cross-border settlements.The post JPMorgan and DBS Partner to Enable Real-Time Tokenized Deposit Settlements Across Blockchains appeared first on Blockonomi.