UK-based m-payments technology firm Luup has
launched a universal mobile payments platform offering both retail
and corporate payments.
The platform is integrated with the Temenos
T24 banking system from Swiss banking software vendor Temenos and
with Microsoft’s BizTalk Server and SQL Server middleware
technologies which are used to connect multiple systems across
organisations.
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“The reason we use the term ‘universal mobile
payment platform’ is because our system enables banks to provide a
wide range of m-payment services to both corporate and retail
clients,” says Luup CEO Martin Wilson.
“We added Temenos T24, BizTalk and SQL Server
to our m-payments technology because we needed to build a platform
that offers banks a high degree of flexibility and the ability to
scale up. Temenos T24 is very widely used by banks worldwide.”
In the corporate sector, banks can use Luup’s
platform to offer corporate clients invoice presentment and payment
on mobile devices as well as cashless salary disbursements to their
workforce. Consumers can use Luup’s technology for paying bills,
transferring money between their accounts, for domestic
person-to-person transfers, and international remittances.
Wilson says Luup’s platform is mobile device-
and mobile network-agnostic. “We try to accommodate everything from
a $6.00 cellphone all the way to the latest smartphone,” he says.
“This way, we can remove barriers to the take-up of our
services.”
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By GlobalData
Platforms for emerging and developed
markets
Luup is offering its platform both to emerging
markets and developed countries. “In an emerging market, our
platform can be used by a trader to issue a mobile purchase order,
then pay in real-time on his handset when the goods he’s ordered
arrive, without paper invoices or cash,” says Wilson.
“This is particularly helpful to traders and
suppliers due to the lack of sophisticated payments infrastructure
in many developing countries.”
In developed countries, Luup’s platform can be used by sales
executives at SMEs to issue invoices and make or receive payments
on their mobile devices, while out on the field, says Wilson.
National Bank of Abu Dhabi (NBAD) is using
Luup’s technology in its NBAD Arrow service, which enables migrant
workers in the United Arab Emirates (UAE) to pay bills, transfer
money between their bank accounts, and make domestic P2P transfers
and international remittances.
“In the UAE, a recipient of money transmitted
via Arrow receives an SMS message containing a PIN, which they can
use to withdraw cash from an ATM without using a bank card,” says
Wilson.
“Also, NBAD provides a service to UAE
employers, which enables them to send their workers’ salary direct
to their cellphone’s mobile wallet. Once the money arrives, the
worker can use Arrow to send money back to their family in India,
Bangladesh or Indonesia.”
Remittance partnerships
Luup has partnerships with money transfer
companies Oxigen Services in India, Dhasatra in Indonesia and ITC
Ltd in Bangladesh, which disburse remittances on its behalf in
their respective countries.
“Oxigen has around 1,000 outlets in India,
where recipients can pick up their cash,” Wilson says. “It is a
correspondent banking agent for State Bank of India (SBI), which
means that it can open basic SBI bank accounts for people receiving
remittances via Luup. They can then manage their accounts using
their cellphone.”
In addition to the remittance services it offers with
Dhasatra, Oxigen and ITC, Luup also offers corporate m-payments
services in the Asia-Pacific region with Deutsche Bank’s Global
Transaction Banking group. “Luup has a long-standing relationship
with Deutsche Bank,” says Wilson.
