Software services firm Cognizant on Thursday said it has formed a global alliance with Monitise to develop mobile banking commerce and payment solutions.

The pact will help combine Cognizant's financial services and mobility expertise with Monitise's leading mobile money platform, Cognizant said in a statement.

It will also help global financial institutions speedily respond to the mobile money opportunity that is gathering significant momentum, the statement added.

By leveraging an interoperable platform instead of solutions from disparate products and mobile operating systems, FIs will be able to lower the total cost of ownership and drive newer revenue streams through enhanced mobile adoption, it added.

"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," Monitise Group CEO Alastair Lukies said.