UK-based mobile financial technology company Monitise has signed a five year partnership with US banking and payments technology company FIS to provide mobile money services for existing and new clients.

The deal is a licensing, development and services agreement that will allow FIS to use Monitise’s mobile banking and payments technology. It aims to enhance the existing relationship between the two businesses.

Under the terms of the agreement, FIS is set to use Monitise’s mobile banking and payments technology. FIS and Monitise have created a joint mobile development and deployment team that is set to create secure products and services for banks and other financial institutions. In October 2011, Monitise bought out FIS's 51 percent stake in the two company’s US joint venture, with FIS taking a 3.3 percent equity stake in Monitise.