RBC and BMO sell Moneris payments firm to refocus operations

BMO: BMO Financial Group, also known as Bank of Montreal, is a major Canadian financial institution offering banking, wealth management, and capital markets services across North America. It has long partnered with RBC on the Moneris payments venture, which processes transactions for businesses. The recent sale allows BMO to refocus resources while entering new long-term referral deals with the buyer. RBC: Royal Bank of Canada is one of Canada's largest banks, providing retail, commercial, wealth management, and investment banking services to individuals and businesses. It jointly owned the payments processing firm Moneris with BMO prior to the recent divestiture agreement. The bank is streamlining its operations by selling its stake while preserving client relationships through ongoing referral arrangements. Payments Sector: Jointly owned commerce solutions providers in Canada are seeing ownership transitions to specialized technology investors. Banking Strategy: Major Canadian banks are divesting payments processing assets to concentrate on core financial services. Industry Partnerships: Banks involved in the Moneris transaction will maintain client access through exclusive long-term referral arrangements with the payments firm.