LONDON-- Mobile banking and payments technology group Monitise PLC (MONI.LN) Wednesday announced an agreement with telecommunications group Telefonica SA's (TEF.MC) digital arm to explore potential projects based on Monitise's Internet-based "cloud" platform.

This development is consistent with the Company's transition to become a cloud business and the Company's guidance for FY 2016 remains unchanged as a result of this announcement," said Monitise.

-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan

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(END) Dow Jones Newswires

October 21, 2015 03:09 ET (07:09 GMT)

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