HP and Accumulate in Partnership to Provide Mobile Payment Solutions

Hewlett Packard, has partnered with Accumulate, a Swedish mobile payment service provider to provide the next generation of mobile payment solutions to its customers. This will enable HP’s global customers to use mobile payments, mobile banking and mobile security services. Leveraging on this partnership, HP intends to use Accumulate’s technology and project experience to expand to new markets.

Accumulate was co-founded by Stefan Hultberg (CEO) and Magnus Westling in 2004. The company has received a total funding of $12.05 Mn through investors Carl Palmstierna, Patric Svanberg, 6th AP Fund, Sjatte AP-Fonden, Payex Holding and Teliasonera. Accumulate says that it has delivered over 100 Mn mobile online apps since launch.

HP’s partnership with Accumulate follows from the successful implementation of HP with PKO bank Polski for the IKO mobile payments and banking scheme in Poland. The IKO mobile payments platform is based on Accumulate’s mobile financial services platform ME and Pera mobile.

Accumulate already offers mobile online solutions to a number of financial institutions and banks, that allows them to integrate a secure mobile platform to connect with mobile payment apps, ATM’s, POS, mPOS and other payment channels. All of Accumulate’s products are developed with clear focus on highest level of security, ease of use and low total cost of ownership.

The mobile is now a critical challenge for payments and services as consumers continue to embrace the technology.The Accumulate solution, wrapped in an HP delivery with our analytics and secure hosting options, gives our clients another compelling proposition to win and keep their customers said Ed Adshead-Grant, General Manager, HP Cards & Payments.

Accumulate portfolio of customers continues to grow with clients like PKO bank Polski (Poland), Diners Card (Ecuador), Paypal (Sweden), Shell (Greece) , National Commercial bank (Saudi Arabia) and CredibanCo (Colombia).

With the addition of technology from Accumulate into the HP portfolio, it allows HP’s customers from around the world a solution for smartphone based transactions and security that is already proven.