Bank of Montreal (BMO) has announced it are to develop a new mobile banking app.

BMO, the fourth largest bank in Cananda by assets, have teamed up with Monitise, a technology and services company, to help create the app.

The collaboration builds on an agreement formed in 2010 with Clairmail, the US-based mobile banking and payments provider acquired by Monitise in 2012.

Andrew Irvine, senior vice president at BMO, said: "With the size of the Mobile Money opportunity growing by the day, and the enhanced experience and convenience this channel provides to our customers, we plan to continue to build on our success in this area to date."

"We are extremely pleased with the response we’ve seen to our mobile banking and payments services so far and, with the support of Monitise and its technology platform; we look forward to delivering more innovative solutions across this space and beyond."

Frank D’Angelo, president of Monitise Americas, said: "We are delighted to be supporting BMO Bank of Montreal via our platform capabilities and network connections."

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D’Angelo added: "As cash becomes increasingly digitised, we are committed to providing integrated, strategic Mobile Money solutions to financial institutions, with a line of sight for the development of cutting-edge services in the future. The Monitise Enterprise Platform is central to this approach."