Bank of Montreal, Canadian Imperial Bank of Commerce Join Initiative to Test Tokenized Wholesale Payments

MT Newswires Live09-29 21:44

Bank of Montreal (BMO) and Canadian Imperial Bank of Commerce (CM) said Tuesday they have joined a global public-private initiative led by the Bank for International Settlements and the Institute of International Finance to explore tokenization and programmability for wholesale cross-border payments.

Project Agora brings together eight central banks and more than 40 regulated global financial institutions, Bank of Montreal said.

The collaboration seeks to build a shared platform for tokenized commercial bank deposits and central bank reserves, including simultaneous settlement of wholesale transactions in multiple currencies, Canadian Imperial Bank of Commerce said.

Price: 170.65, Change: -0.53, Percent Change: -0.31

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