A new "global alliance" between global IT consulting company Cognizant and Monitise, a mobile money provider, will target financial institutions with a complete mobile money platform, allowing them to offer new mobile banking, payments, and commerce solutions.

The partnership, announced today, will combine Cognizant's reach as a provider of financial services technologies with Monitise's mobile money platform.

"Mobile is, without question, the channel of the future," said Alastair Lukies, chief executive of Monitise Group. "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."

Lukies said his company looks forward to partnering with Cognizant to help global FIs develop "strategic, effective and timely" mobile services.

"Mobile money has arrived and is driving a disruptive shift in channel interaction with consumers, thereby accelerating the replacement of cash and bringing new products to consumers," said Prasad Chintamaneni, senior vice president and global head of the Cognizant Financial Services practice.

"By combining Cognizant's extensive expertise and experience in delivering innovative domain and technology solutions to financial institutions with Monitise's acclaimed platform-based mobile solutions, we are well positioned to help our clients develop compelling mobile banking, payments, and commerce solutions, thereby reducing time to market, enhancing customer experience, and driving business growth," Chintamaneni said.

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