As already suggested in the comments, the function from Seq[M[A]] to M[Seq[A]] (where M is a monad) is usually referred to as sequence.
The Haskell definition of it is:
Evaluate each action in the sequence from left to right, and collect the results.
There's no generic implementation of it in the scala standard library, but you can see an example for the Future type here: https://github.com/scala/scala/blob/v2.10.3/src/library/scala/concurrent/Future.scala#L487-L491
You can find generic implementations of sequence in libraries such as cats or scalaz.
One thing to notice, is that sequence is a specific case of a more generic operation, usually called traverse.
Haskell defines traverse as
Map each element of a structure to an action, evaluate these actions from left to right, and ignore the results.
Now, given the definition, sequence can be implemented in terms of traverse, simply by using the identity function (x => x) as the map operation of traverse.
If you take a look at the implementations mentioned above, you'll find that they all leverage this generalization and they all use traverse to implement sequence.