Bank of Montreal partners with CME Group to launch tokenized cash services, supporting institutional clients with round-the-clock fund transfers

According to Bloomberg, the Bank of Montreal (BMO) announced the launch of tokenized cash and deposit services for institutional clients through the network of the largest derivatives exchange in the U.S., CME Group. This service allows clients to bypass traditional banking hours and achieve continuous fund transfers around the clock. Derek Vernon, Head of North American Treasury and Payment Solutions at the Bank of Montreal, stated, "Clients will be able to transfer funds whenever the market demands, rather than being restricted by banking hours."