In an effort to modernize Canada’s payment systems, six prominent banks are set to pilot a program for tokenized deposits in Canadian dollars. The participating banks include the Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Bank of Nova Scotia, and TD Bank Group. This initiative, known as Project Samara, aims to boost the security and efficiency of the country’s financial transactions. During the first phase, the focus will be on optimizing the transfer process of these tokenized deposits among the banks involved, marking a significant step towards a more competitive financial infrastructure.