IBM announced Wednesday that it's working with Monitise (MONI), a British mobile financial technology company, to create mobile banking, payment and commerce services for the cloud.

The two companies said they will work with Visa Europe to develop these services specifically for European banks. IBM said its role will boost its Smarter Commerce initiative.

In research cited by the pair, Visa has said that within the next decade more than half of all transactions will move to either the smartphone or tablet.

"Our collaboration with Monitise will enable us to not only help Visa and its member banks offer new mobile services but also transform the way that mobile commerce itself is done around the globe," said Craig Hayman, IBM's general manager of industry solutions, in a press release. "By deploying Smarter Commerce at Visa, we will accelerate the power of mobile commerce in new and innovative ways by bringing financial institutions, retailers and customers closer together than ever before."