Luup, a provider of mobile payments solutions, has signed a strategic agreement with Temenos, a provider of banking software. Luup will be integrating Temenos T24 banking components into its existing mobile payments offerings aimed at financial institutions and their customers across the United Arab Emirates (UAE).

The strategic partnership agreement between Luup and Temenos is expected to open up joint business and growth opportunities.

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 flexibility and scalability required to progress the business in the UAE and globally.

Andreas Andreades, CEO of Temenos, said: “We are 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 functions, 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.”

Thomas Bostrøm Jørgensen, CEO of Luup said: “The global mobile payments market is extremely active, and is expected to grow to as much as Dhs2,025bn (EUR405bn) by 2013. By complementing our in-house expertise with Temenos’ technology, we ensure that Luup’s solutions offer financial institutions innovative and cost-effective solutions. Our aim is to help banks drive revenue from this growth market.”