The move aims to enable round the clock movement of funds for institutional clients.
Canadian multinational investment bank and financial services provider Bank of Montreal (BMO) is planning to introduce a tokenised cash and deposit platform in collaboration with CME Group and Google Cloud, aimed at supporting 24/7 settlement and collateral movement for institutions. The platform will run on Google Cloud Universal Ledger The system will allow clients to convert US dollars into tokenised cash, which can then be used for margin and settlement processes at CME Group. BMO said