Temenos (SIX:TEMN), the market leading provider of banking software, today announces that mobile payments solutions provider Luup will be integrating Temenos T24 (T24) banking components as part of Luup's growth strategy for their existing mobile payments offering aimed at financial institutions and their customers, from corporates to consumers.
Additionally a strategic partnership agreement between Luup and Temenos is expected to open up joint business and growth opportunities.
Operating in both developed and developing countries, Luup provides financial institutions with new cost-saving and revenue-generating solutions: In developed countries banks can offer new mobile services for customers' speed and convenience, whilst in developing countries, with large unbanked populations yet high mobile phone penetration, branchless mobile banking services can be introduced.
In the retail banking sector Luup enables banks to offer person-to-person money transfer and ATM cash-out, person-to-merchant bill payments, salary payments to name a few. Added to this, are the possibilities of global mobile remittance services. For corporate banks and their corporate clients, Luup's technology enables corporates' end users to make and receive payments, authorise invoices and initiate payments using a company mobile.
Luup recognised the need to implement flexible, agile software in its quest for continued innovation in such a varied, rapidly changing market. In a multi-year agreement, Temenos will provide Luup with a broad range of componentised banking functions to complement its existing platform through a functionally rich, SOA architecture. This will deliver the flexibility and scalability required to progress the business further globally.
Luup CEO, Thomas Bostrøm Jørgensen, Luup commented: "The mobile payments market is extremely active, and is expected to grow to be worth as much as 405 billion Euros by 20131. Luup has in-depth experience in developing and operating mobile payments solutions. By complementing our in-house expertise with Temenos's cutting edge technology we ensure that Luup's solutions offer financial institutions the most innovative and cost effective solution. Our aim is to help banks drive revenue from this growth market."
Andreas Andrereades, Chief Executive Officer, Temenos commented: "We are delighted to be working in such an exciting market with a solutions provider like Luup, which is taking an innovative approach to mobile payments delivery with modern, efficient technology. By also combining with our market leading banking, Luup is set to offer customers solutions which are the most flexible, cost effective and scalable on the market. The agreement also provides for both companies to strategically join forces to offer Luup solutions to Temenos customers so they too can benefit from a quickly deployable mobile payments solution."