Temenos, a Switzerland-based provider of banking software systems, has said that mobile payments solutions provider Luup will be integrating Temenos 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.

Temenos will provide Luup with a broad range of componentised banking functions to complement its existing platform through a functionally rich, SOA architecture.

Thomas Jorgensen, CEO of Luup, said: “The mobile payments market is extremely active, and is expected to grow to be worth as much as EUR405bn by 2013. 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 Andreades, CEO at Temenos, said: “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 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.”