BMO Bank of Montreal and Monitise PLC have formed an alliance to develop new mobile money services. Under the agreement, Monitise will provide BMO a technology platform for mobile banking, m-payment and m-commerce services.

Andrew Irvine, senior vice president, BMO Bank of Montreal said that a growing mobile money opportunity presented the bank with a new opportunity to serve customers. "We are extremely pleased with the response we've seen to our mobile banking and payments services so far and, with the support of Monitise and its technology platform, we look forward to delivering more innovative solutions across this space and beyond," he said. 

Monitise will work with BMO across its smartphone applications, mobile web offerings and SMS services, adding convenience for new and existing customers, said an announcement from Monitise.

"As cash becomes increasingly digitized, we are committed to providing integrated, strategic Mobile Money solutions to financial institutions," said Frank D'Angelo, president of Monitise Americas. "The Monitise Enterprise Platform is central to this approach."

Monitise's Enterprise Platform has been developed to deliver bank-grade integrated and scalable mobile money solutions that function with all mobile devices.

For more on this topic, visit the mobile banking research center.

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