Bank of Montreal, in partnership with CME Group, has launched a tokenized cash service to enable institutional clients to transfer funds around the clock.

ChainCatcher reports, citing Bloomberg, that Bank of Montreal (BMO) has announced the launch of tokenized cash and deposit services for institutional clients through the network of CME Group, the largest derivatives exchange in the United States. This service allows clients to move funds continuously around the clock, bypassing the limitations of traditional bank hours. Derek Vernon, Head of North American Treasury and Payments Solutions at BMO, stated, "Clients will be able to move funds whenever the market needs them, rather than being restricted by bank hours."