mFoundry, US provider of mobile banking and payments services, has strengthen its strategic partnership with US banking and payments technology company FIS.

Under the agreement, FIS has increased its ownership holdings in mFoundry. The two companies have been working together on mobile banking solutions for the past several years. The enhanced relationship is set to combine FIS' position in financial services technology with mFoundry's mobile banking products.

FIS has recently selected Boston-based mobile payments company Paydiant to launch a mobile payments service which allows consumers to use smartphones to make purchases at the point-of-sale (POS) and for online shopping.