Canadian Banks Explore Digital Payment Infrastructure via Tokenised Deposits

Canadian banks are joining forces to create a modern digital payment infrastructure. Six of Canada's largest banks have partnered to explore Canadian dollar-denominated digital money solutions, starting with tokenised deposit initiatives.

The collaboration aims to ensure the country's financial system remains competitive, secure, and prepared for the evolving digital landscape. Participating institutions include Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), National Bank of Canada (NBC), Royal Bank of Canada (RBC), Scotiabank, and TD Bank Group.

The initiative will initially focus on developing tokenised deposit solutions that support faster, more efficient, and programmable payments while maintaining regulatory oversight and financial stability. The banks aim to improve payment speed and efficiency for businesses and consumers while preserving the safeguards of the existing banking system.