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T24 News
Temenos Client Forum, Monaco 6 May, 2009 – Temenos (SWX: TEMN), the global provider of integrated core banking systems, today announced that it has signed a global strategic partnership with Cognizant (NASDAQ: CTSH) , a leading provider of information technology, consulting and business process outsourcing services, to significantly enhance its service and delivery capabilities for Temenos T24 (T24). As a fast growing organization that has doubled in size over the past four years and is managing an increasing number of core banking implementations across the globe, Temenos is committed to strengthening its partner programme to broaden systemic capacity to market and implement its product. This will enable the company to improve margins and cash generation during its next phase of growth.

As part of the partnership agreement, Cognizant is investing in training certain of its associates to deliver T24 implementations over a three-year period. It will also work together with Temenos to establish a global Center of Excellence. Financial institutions worldwide will benefit from this best-of-breed partnership as the joint partnership goes to market.

“This partnership marks a significant change in our approach to working with global systems integrators to deliver T24,” says Andreas Andreades, CEO Temenos. “As we continue to experience growth in our licence sales, despite the difficult economic environment, and traction within the Tier 1 banks for packaged core banking software, we need to be able to ramp up our services capability faster than we have been able to do until now. In late 2008, we appointed Mike Head as the Global Alliances Director to spearhead this initiative. I am excited at the prospect of working together with Cognizant and the benefits that this alliance will bring to both Temenos and our customers.”

Cognizant is already engaged on a number of Temenos T24 implementations and will also work with Temenos’ Complementary Solutions Partners to provide solutions to banks where required.

“We are pleased to team up with Temenos, a market leader of core banking systems, and are confident that this strategic partnership will reap considerable rewards as bank spending trends more and more towards core systems. We are making significant investments in our relationship with Temenos and believe this partnership will add to the breadth and depth of our capabilities in banking and financial services technology and operations, and our proven, domain led delivery experience, further offering cost-effective solutions and a compelling proposition to our joint customers,” says Rajeev Mehta, Chief Operating Officer, Cognizant.

Cognizant’s consultants will be fully trained on implementing T24 Model Bank, will apply the Temenos Implementation Methodology to all projects and will be able to avail themselves of Temenos Application Management services for localisations and bespoke requirements.

About Temenos T24
T24 Model Bank is packaged core banking software which includes banking best practices based on Temenos’ implementations in over 600 financial institutions and 120 countries across the Retail, Corporate, Universal, Private Wealth, Islamic and Microfinance and Community banking sectors. Its highly automated approach delivers short implementations, guarantees lower cost of ownership with rapid and measurable ROI. T24 allows banks to replace a large number of disparate legacy systems, thereby streamlining their operations. Banks around the world use T24 to rapidly deliver innovative, market-driven products and services tailored to meet the changing needs of their customers. T24 enables banks to deliver growth, while managing risk and cost, and ensuring that they remain ahead of the competition with the most efficient and economical business model in the market.

T24 provides banks with unparalleled richness in functionality on an integrated, Service Oriented Architecture (SOA), with front- to-back office support and is fully enabled for standard SOAP (Simple Object Access Protocol) web services, and BPEL process execution. Temenos’ total commitment to open standards enables its customers to benefit from the latest advances in technology, ensuring business agility, continuity, data integrity and reduced downtime, all resulting in a significant delivering a significant, immediate and ongoing ROI.

About Cognizant
Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting and business process outsourcing services. Cognizant’s single-minded passion is to dedicate our global technology and innovation knowhow, our industry expertise and worldwide resources to working together with clients to make their businesses stronger. Cognizant’s Banking & Financial Services practice is the company’s largest vertical and has a dedicated Consulting Group consisting of industry experts working globally with our strategic customers to provide business and IT solutions covering most areas of Financial Services.

With 50 global delivery centers and approximately 63,700 employees as of March 31, 2009, we combine a unique onsite/offshore delivery model infused by a distinct culture of customer satisfaction. A member of the NASDAQ-100 Index and S&P 500 Index, Cognizant is a Forbes Global 2000 company and a member of the Fortune 1000 and is ranked among the top information technology companies in BusinessWeek’s Hot Growth and Top 50 Performers listings. Visit us online at www.cognizant.com

About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SWX: 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 52 offices worldwide, Temenos serves over 700 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 annually invests around 20% in R&D, significantly more than its peers, into a single fully packaged upgradeable software release, which ensures all Temenos customers benefit from modern technology and support indefinitely. Temenos is top of the IBS Sales League Table 2008, winner of the Best Core Banking Product category in Banking Technology magazine’s Readers’ Choice Awards 2008 and is listed in the American Banker top 100 FinTech companies.

For more information please visit www.temenos.com