Monitise has announced a global alliance with US-listed IT company Cognizant that it expects will help financial institutions 'embrace the mobile channel of interaction' and develop mobile banking, payments and commerce solutions.

The AIM-listed mobile banking and payments group said in a statement on Thursday morning: "Combining Cognizant's extensive financial services and mobility expertise with Monitise's leading mobile money platform, the alliance will help global financial institutions speedily respond to the mobile money opportunity that is gathering significant momentum."

Institutions should be able to leverage an interoperable platform instead of solutions from disparate products and mobile operating systems, which will lower the total cost of ownership and drive newer revenue streams through enhanced mobile adoption, Monitise said.

"Mobile is, without question, the channel of the future," said Alastair Lukies, Monitise's Chief Executive Officer.

"Our strategy involves extending our Monitise Enterprise Platform to the world's leading banks and payment companies to help them improve and expand their customer relationships.

"As money becomes increasingly digitized amid exploding demand in the highly-competitive mobile money space, we look forward to collaborating closely with Cognizant to support financial institutions across the world in developing strategic, effective, and timely mobile services."

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