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Cognizant inks agreement with London-based Monitise

Posted on Oct 04, 09:19PM | UNI

IT firm Cognizant Technology Solutions has inked an agreement with London Stock Exchange-listed Monitise to develop mobile banking, payments, and commerce solutions.

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, it said in a statement.

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

"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 digitised 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." Mr Mahesh Venkateswaran, Managing Director, Social, Mobile, Analytics and Cloud at Cognizant, said mobile technology has the potential to significantly change consumer-facing industries.

"Cognizant is committed to helping clients reinvent their businesses using mobile technologies, and we are excited to partner with Monitise to bring the next generation of mobile money solutions to financial institutions," he said.

Recently, Infosys has also launched a mobile payment platform called WalletEdge based on the company's banking product Finacle.

It had partnered with Bharti Airtel to create a business model for mobile commerce called 'airtel money' that enables customers to make cashless payments and settlements through their mobile phones.