Deutsche Bank embarks on massive m-payments project; hires ABN Amro's van Wezel
12 March 2009 | 14747 views | 0
Deutsche Bank's Global Transaction Banking (GTB) unit has teamed with vendor Luup to offer mobile payments services to banks and corporations in 80 countries across Europe the Middle East and Asia.
The bank says the service will allow its GTB clients to offer millions of consumers an instant and secure payments and money transfer service from any mobile device with any network.
Deutsche claims it is the first major commercial bank to offer a cross-border mobile payments service to its banking and corporate customers.
Daniel Marovitz, global head of products, GTB, Deutsche Bank, says: "Mobile technology moves on apace and we believe that now is the time to take a solution to the global market. Around 61% of the world's population has a mobile phone and the penetration of mobile continues to increase, while the use of cash continues to decline globally."
The deal represents a major victory for Luup which recently scrapped its old business model of offering services directly to merchants and customers in favour of working with banks.
"This is a huge step forward for Luup and the whole mobile payments industry. As well as benefiting consumers, Luup's services benefit financial institutions and corporate clients by opening up new markets, new channels and new revenue streams," says Thomas Bostrøm Jørgensen, chief executive, Luup.
With the GTB unit embarking on a major m-payments project, it has also hired former ABN Amro man Ron van Wezel as global product manager for its emerging payment streams.
Van Wezel will be responsible for mobile and online payments services, as well as other emerging channels.
He joins from ABN Amro's market infrastructures department where he oversaw developments in payments and cards services, focusing on Sepa and its impact on the bank's payment franchise.
Prior to that, he held several management positions at Dutch payment processor and clearing house Interpay (now Equens). He also serves as chairman of Mobey Forum, a cross-industry group for the development of mobile financial services.
Based in Amsterdam, van Wezel will report to Harold Young, Deutsche Bank's global head, payments products, cash management, GTB.