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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"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."
-
Six out of 10 retirees who accessed a pension didn’t use Pension Wise - how does the guidance service work?Many pension savers don’t bother using the free government-backed service Pension Wise. So, how does it work, and could it be useful for you?
-
UK-EU trade deal: Britain to get a £9bn boost to the economy by 2040The government’s agreement with the EU follows on from separate deals with India and the United States. Will it breathe life into the UK economy?
