Temenos Community Forum, Berlin, 26th May, 2010 – 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 its 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’ 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 Andreades, 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 software, Luup is set to offer customers solutions which are the most flexible, cost effective and scalable on the market. The agreement also enables 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.”
1 Source: CGAP, the Consultative Group to Assist the Poor report 2009.
Luup is a leader in mobile payments solutions and strategies that enable organisations to securely transform the way financial services are delivered. Luup combines a highly experienced team with innovative technology, giving customers access to new cost-saving and revenue-generating solutions. Luup’s truly unique approach is to drive the mobile payments market through partnerships that have financial institutions at the heart. The company devised mobile payments strategies for financial institutions such as Deutsche Bank Global Transaction Banking, and the National Bank of Abu Dhabi, a leading bank in the Middle East, to name a few. Luup has proven, in-depth market experience and has been developing and operating mobile payments solutions since 2002. The company’s comprehensive portfolio of modular, feature-rich mobile payments solutions meet all requirements of diverse customer segments, such as retail and corporate banks, remittance networks, mobile operators and microfinance institutions. For more information visit www.luup.com
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: TEMN), Temenos Group AG is a global provider of banking software systems in the Retail, Corporate & Correspondent, Universal, Private, Islamic and Microfinance & Community banking markets. Headquartered in Geneva with 57 offices worldwide, Temenos serves over 1000 customers in more than 120 countries. Temenos’ software products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ experience in over 600 implementations around the globe. Temenos’ advanced and automated implementation approach, provided by its strong Client Services organisation, ensures efficient and low-risk core banking platform migrations. Temenos is top of the IBS Sales League Table 2009; winner every year since its launch of the Best Core Banking Product in Banking Technology magazine’s Readers’ Choice Awards and ranks 26th in the American Banker top 100 FinTech companies Temenos customers are proven to be more profitable than their peers: data from The Banker – top 1000 banks shows that Temenos’ customers enjoy a 54% higher return on assets, a 62% higher return on capital and a cost/income ratio that is 7.2 points lower than non-Temenos customers. For more information please visit www.temenos.com
Other Temenos contacts:
Corporate Finance & IR
Member of the Executive Board
Tel: +41 (0) 22 708 1157
Temenos PR Manager
Tel: +44 (0) 207 423 3751
Director, Strategic Planning
T: +41 (0) 22 708 1535
M: +41 795 207208/ +44 7803 887929
Associate Director, IR
Tel: +1 646 472 8069
Mobile: +1 646 752 5463
Hudson Sandler for Temenos
T +44 (0)20 7710 8940
Hudson Sandler for Temenos
T +44 (0)20 7710 8912
Luup media contact:
Director of Corporate and Marketing Communications
+44 (0) 78 8418 7763