Temenos and Wipro to Jointly Deliver Core Banking to European Banks

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 costs ) 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 Wipros 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.