Mobile banking technology provider Monitise Plc has informed its shareholders that Visa Europe will reduce its investment in the company, but will complete a three-year commercial agreement to develop services and finish products.

Visa Europe currently has a 5.3% stake in London-based Monitise, which has struggled financially the past two years and failed in a recent attempt to sell the company.

Monitise and Visa Europe will continue to work together on a number of projects and services under the three-year agreement, which runs until 31 March 2016, Monitise said in a July 8 press release.

Monitise also did not rule out future potential agreements or projects with Visa Europe.

"Both parties look forward to working together for the duration of this commercial agreement and will assess on an ongoing basis opportunities to work together in future," the company stated.

Visa Europe reportedly had a 14.4% stake in Monitise when signing a five-year $13 million partnership deal in 2009. A 2012 document from Monitise archives reports Visa Europe investing at a 15% stake. Visa Europe eventually began decreasing its shares in Monitise as the company's earnings suffered.

Former Visa Inc. executive Elizabeth Buse took over as CEO of Monitise in March, a move that followed the company's inability to find a buyer when on sale during the first three months of 2015.

Buse had been a co-CEO at the company since June of 2014, taking the top spot when Alastair Lukies stepped down and assumed a board-appointed role as founder and strategic adviser.

Monitise remains positioned to provide financial institutions with technology for mobile payments at a time when the mobile channel is gaining steam through the introduction of Apple Pay and the upcoming Android Pay and Samsung Pay. However, the growing number of players in the market may be working against Monitise.

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