Hewlett-Packard and Accumulate Agree Mobile Payments Venture

Hewlett-Packard (HP) said it is expanding its activity in the payments industry, through the signing of a global agreement with Swedish mobile security group Accumulate. HP added that following a successful implementation of a mobile payment scheme in Poland with PKO Bank Polski using the IKO mobile app, it is taking the Accumulate technology and project experience to several new markets under a wider partnership.

HP offers secure processing solutions and payment technologies to a number of banks and telecommunication companies in the Americas, Europe and Asia. HP decided to add the Accumulate technology to its core portfolio, to enable a number of its global customers to use a proven solution in mobile payments, mobile banking and mobile security services.

Accumulate, headquartered in Stockholm, has a long experience of mobile online solutions with more than 100m applications delivered since 2004. Its mobile security platform, methods and processes are regarded by HP as a strong fit for system integrators who want to offer customer branded offerings in mobile payment, mobile banking and mobile authentication/security.

Clients for Accumulate customer portfolio include PKO Bank Polski (Poland), National Commercial Bank (Saudi Arabia), CredibanCo (Colombia), Diners Cards (Ecuador), Shell (Greece) and PayPal (Sweden). Services based on the Accumulate solution are to be introduced in several countries around the world.

“The strategic agreement with HP is exciting news,” said Stefan Hultberg, chief executive officer (CEO) and co-founder of Accumulate. “HP’s customers can now get immediate access to our mobile technology and enable innovative mobile payment, banking and security services. We are already in deals together with HP and we believe this partnership will give us many new and interesting projects.”

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