Monitise announced an updated platform Tuesday that should allow American bank customers to deploy mobile features quicker.

The updated platform, called Vantage 5.1, now has a modular architecture designed to allow banks to add new capabilities without the need to update their entire mobile banking platforms, according to the company. The core services remain on premises while payments and commerce offerings are delivered through the cloud.

Vantage 5.1 is "focused on making it more modular so banks can innovate and roll out additional functionality without changing the underpinnings of the core," says Lisa Stanton, president of Americas for Monitise.

The announcement comes at a time when banks are challenged to update their mobile offerings as quickly as their customers want new features.

American Savings Bank in Hawaii is an early tester of the Monitise platform.

Monitise, which acquired mobile banking vendor Clairmail in 2012, works with more than 350 banks and financial institutions worldwide. It also boasts partnerships with Visa and FIS, among others.

The British mobile financial technology company announced in September it partnered with IBM to create mobile banking, payment and commerce services for the cloud.