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T24 News
New Variable Pricing Model to Cater to a Rapidly Growing Segment of Banks

Bangalore, India / GENEVA, Switzerland – 19th April 2011 - Temenos (SIX: TEMN), the market-leading provider of banking software and Wipro Technologies, the global Information Technology, Consulting and Outsourcing business of Wipro Limited (NYSE:WIT), have entered into a strategic agreement to deliver core banking on an Application Service Provider (ASP) model to European banks. Under this agreement, Wipro will provide banks with a solution based on Temenos’ best-selling TEMENOS T24 (T24) core banking solution, accessed over the internet and charged based on a per use or monthly fee.

Wipro and Temenos decided to launch this new service to meet significant and growing demand for an ASP offering from small and medium sized banks and new market entrants. An ASP model allows banks to bundle the licence, maintenance, services and infrastructure costs of a banking application into a predictable monthly fee and achieve a much faster time to market than if installed on premise while at the same time allowing the provider to generate significant scale economies by standardising the offering and leveraging the application and infrastructure costs across multiple users. These benefits are critical to small and medium sized banks, in that they would otherwise struggle to extract the same economies of scale, but also for new entrants in that upfront IT costs (which are estimated to make up two thirds of start banks’ initial costs1) can be spread or made variable.

Daniel Mayo, Principal Analyst, Financial Services Technology, Ovum commented: “Following a recent survey conducted by Ovum into banking strategy, there is increased demand for ASP models in Europe at a country specific level, most notably in Spain, Benelux, France and Switzerland, as well as countries with established data processing models like Germany. This trend is being primarily driven by smaller institutions and new entrants, who are looking for a cost effective way to run their operations”.

Andreas Andreades, CEO, Temenos, commented, “There are more than 8,000 banks in the European Union, the vast majority of which are small and medium-sized entities holding on average assets of less than USD3bn and for which core system replacement is a very expensive and mostly out of reach activity. There are also many new banks wishing to enter the traditional European banking markets seeking to exploit a fast changing landscape in banking. Providing T24 on an ASP basis will allow us to offer an exciting product to a new market segment which is otherwise unaddressable. By working with Wipro we combine our leading product with Wipro’s significant ASP experience to deliver the right service to the market.

Sriram Srinivasan, Global Head of Banking, Wipro Technologies said, “Banks are constantly looking for solutions that help them deliver superior customer experience while driving cost variability in line with their revenue growth.  The core banking ASP offering from Wipro and Temenos provides an innovative solution to the European banking industry to enjoy non-linear success by leveraging our investments and capabilities.”

About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: TEMN), Temenos Group AG is a global provider of banking software systems in the Retail, Corporate & Correspondent, Universal, Private, Islamic and Microfinance & Community banking markets. Headquartered in Geneva with more than 60 offices worldwide, Temenos serves over 1100 customers in more than 120 countries. Temenos’ software products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ experience in over 600 implementations around the globe. Temenos’ advanced and automated implementation approach, provided by its strong Client Services organisation, ensures efficient and low-risk core banking platform migrations. Temenos is top of the IBS Sales League Table 2010; winner every year since its launch of the Best Core Banking Product in Banking Technology magazine’s Readers’ Choice Awards and ranks 26th in the American Banker top 100 FinTech companies. Temenos customers are proven to be more profitable than their peers: data from The Banker – top 1000 banks shows that Temenos’ customers enjoy a 54% higher return on assets, a 62% higher return on capital and a cost/income ratio that is 7.2 points lower than non-Temenos customers.

For more information please visit www.temenos.com

About Wipro Technologies
Wipro Technologies, the global IT business of Wipro Limited (NYSE:WIT) is a leading Information Technology, Consulting and Outsourcing company that delivers solutions to enable its clients do business better. Wipro Technologies delivers winning business outcomes through its deep industry experience and a 360 degree view of “Business through Technology” – helping clients create successful and adaptive businesses. A company recognised globally for its comprehensive portfolio of services, a practitioner’s approach to delivering innovation and an organization wide commitment to sustainability, Wipro Technologies has 120,000 employees and clients across 54 countries.

For more information, please visit www.wipro.com

Other Temenos contacts:

Max Chuard
Temenos Director
Corporate Finance & IR
Member of the Executive Board
Tel: +41 (0) 22 708 1157
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Sarah Bowman
Associate Director, Investor Relations
Tel: +1 646 472 8069
Mob: +1 646 752 5463
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Petra Shuttlewood
Temenos PR Manager
Tel: +44 (0) 207 423 3751
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Claire Barry
Hudson Sandler for Temenos
T +44 (0)20 7710 8940
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