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BMO Bank of Montreal collaborates with Monitise for mobile money services

BMO Bank of Montreal has inked a partnership agreement with London based mobile banking firm Monitise, to develop new Mobile Money services.

The partnership will enable the lender to provide customers with spontaneous and advanced on the move payment services.

Under term of the deal, the UK company will work with the bank across its smartphone applications, mobile web offerings and SMS services, utilizing its platform to provide convenience for new and existing customers.

The partnership deal follows an agreement inked in 2010 with Clairmail, the US based mobile banking and payments provider acquired by Monitise in 2012.

Created to offer bank-grade integrated and scalable Mobile Money services, Monitise’s Enterprise Platform is suitable for all devices, operators and networks.

Monitise powers bank-grade technology and manages more than 1 billion transactions and over $25bn worth of payments and transfers on an annual basis.

Founded in 1817 as Bank of Montreal, BMO Financial Group had total assets of $525bn as at 31 October 2012, and offers retail banking, wealth management and investment banking services with the help of over 46,000 employees.