Under this agreement, Wipro will provide banks with a solution based on Temenos’ 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 growing demand for an ASP offering from small and medium sized banks and new market entrants.
An ASP model allows banks to bundle the license, maintenance, services and infrastructure costs of a banking application into a predictable monthly fee and achieve a much faster time to market.
Temenos CEO Andreas Andreades said providing T24 on an ASP basis will allow them 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," Andreades said.
Wipro Technologies global head of banking Sriram Srinivasan said 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 their investments and capabilities.
