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RBC and BMO to sell off Canadian payment giant Moneris in $2-billion deal. US-based private equity firm Francisco Partners purchases one of Canada's largest payment processors. BMO and RBC are selling off Moneris, one of Canada's largest payment processors, to US-based private equity firm Francisco Partners. The news: The two Canadian banks announced an agreement to sell their co-owned operation for $2 billion CAD on Monday evening. As part of the deal, BMO and RBC will each receive 50 percent of the sale's proceeds and exclusively refer their customers to Moneris going forward. The transaction is expected to close in early 2027, subject to closing conditions and regulatory approvals. Once closed, Moneris will join the numerous payment processing companies in Francisco Partners' portfolio, including Hypercom, Paymetric, PayLease, NMI, and Verifone. Under Francisco Partners' leadership, Jeff Sloan, the former president and CEO of Global Payments, will become the chairman of Moneris. From the source: "Moneris is one of the strongest payments solution providers in North America, with a trusted brand, leading technology, and a proven team that has helped shape the way Canadian businesses operate," Francisco Partners' Peter Christodoulo said in a statement. He added that there's a "significant opportunity to build on that foundation" through investment in innovation, platform expansion and long-term growth, while preserving Moneris's "deeply Canadian identity." The context: Founded in 2000 and based in Toronto, Moneris provides online and in-person payment systems for Canadian merchants. The firm has nearly 2,000 employees and supports more than five billion transactions per year. Moneris claims it powers one in three transactions in Canada. The Francisco Partners deal comes almost exactly one year after Reuters reported that BMO and RBC were planning to put Moneris up for sale. Final thought: Moneris is being sold off just over a year after TD inked a deal to offload 3,400 contracts from its wholly-owned payment processing business to US-based FinTech giant Fiserv. Meanwhile, Scotiabank and CIBC are both partnered with US-based firms, Chase Payment Solutions and Global Payments, for their payment processing offering. As Helcim founder and CEO Nic Beique has pointed out, Canada's "Big Five" banks have now almost completely withdrawn from independent payments processing, ceding their services to US-based providers. These changes come as Canada prepares to modernize its national payment rails through the introduction of a Real-Time Rails payments system, which is set to launch later this year. Feature image courtesy Moneris. Roborock Discover the next generation of cleaning innovation. Roborock redefines home robotics with AI-powered systems that sense, adapt, and operate seamlessly in real homes.

Canadian Imperial Bank of Commerce has launched two proprietary AI platforms: CIBC AdvisorAssist and CAI 2.0 agentic AI workspace. AdvisorAssist automates meeting notes, follow-up documentation, and regulatory requirements for front-line advisers. CAI 2.0 provides staff with an AI workspace for complex tasks including assembling pitchbooks, coordinating compliance workflows, and financial analysis. The tools form part of a broader suite of internally built platforms covering lending, advice, and customer service. The bank aims to support adviser productivity and automate regulatory tasks across its 50,000-strong workforce. CIBC shares trade at approximately CA$166.04 on the TSX, recording a 31.5% return year-to-date and 73.1% over the past year.

CIBC introduces the first enterprise-wide agentic AI workspace in Canadian banking. Jul 31, 2026, 10:39 ET TORONTO, July 31, 2026 /CNW/ - CIBC announced today its proprietary agentic AI workspace, CIBC AI 2.0 (CAI 2.0), the first of its kind in Canadian banking. CAI 2.0 puts the power of agentic AI into the hands of team members, enabling them to rapidly enhance productivity by assigning complex, multi-step tasks to AI that they otherwise would need to complete themselves. CAI 2.0 introduces a new agentic harness, designed and built by CIBC team members, that enables users to integrate their data and tools into the platform and delegate work to AI-driven agents. These agents can plan, coordinate and complete tasks while team members focus on more strategic priorities and deepening client relationships. For example, while a team member is in a client meeting, CAI 2.0 can independently gather relevant research from multiple sources, organize the findings into a structured report, and prepare a presentation for review, so that materials are ready to refine as soon as the meeting ends. "CAI 2.0 is a transformative platform that reflects our thoughtful and holistic approach to AI innovation," said Jaime Tatis, Executive Vice-President, Chief Data & Artificial Intelligence Officer, CIBC. "By embedding agentic AI into the way we work, we are making it easier for our teams across the enterprise to access information, simplify tasks and focus more of their time on the work that matters most for our clients." Currently in pilot, using CAI 2.0 team members are able to: * Identify and drive new client opportunities, as well as develop proposals and pitchbooks tailored to clients and industries. * Augment risk management by coordinating compliance and regulatory work in one centralized location where team members can track deadlines, import policy documents, flag anomalies and produce audit-ready reports. * Accelerate financial analysis and reporting; a half day of analysis work becomes a quick review-and-refine workflow. * Compare complex documents side by side with precision, such as multiple credit agreements, and present them in an easily digestible format. Team members began building the secure platform after the successful enterprise-wide launch of CIBC AI (CAI) to over 50,000 employees across the globe. Based on wide user adoption, CAI quickly evolved from a chat-based assistant into a platform supporting hundreds of use cases across all lines of business. On average, 20,000 team members use CAI every day. "With CAI 2.0 we continue to build repeatable, governed and scalable AI capabilities that enhance client experience, operational efficiency, risk mitigation, and most importantly, drive cultural transformation in how our teams work every day," added Mr. Tatis. About CIBC CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking, Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre. SOURCE CIBC For further information: Deb Rowe, CIBC Public Affairs, [email protected] or 416-586-7019