Core Banking Transformation
Customers increasingly demand the best service through all channels, but outdated core banking systems are too inflexible to enable the features that customers now expect as standard. At the same time, the cost of ownership for these systems is high and getting higher because outdated systems are harder to maintain. This leaves banks in a quandary because their core banking is mission critical – not keeping these systems going is not an option, but while costs go up, the ability to meet needs is going down.
Overall, continued investments in outdated core banking systems means that cost income ratio is negatively impacted. The banks grappling through the current economic uncertainties and increasing regulatory pressure are looking at the “right moment” to transform their core banking systems. Wipro’s ASP solution provides that “exact moment” for the banks to consider re-platforming. These banks that will innovate now will have a major competitive advantage over the banks that postpone innovation for that “right moment”
Wipro Technologies, the global IT, consulting and outsourcing business of Wipro Limited, and Temenos a market-leading provider of banking software, have partnered to make the award winning TEMENOS T24 (T24) core banking solution available as an ASP solution for European banks, with significantly reduced investments and lower project risk.
Wipro Technologies is an official global Temenos partner. Through this partnership, Wipro brings in standardized processes, frameworks and competency development approach to deliver core banking transformation on a modern architecture. This strategic alliance is unique because Wipro can both help its clients with all aspects of implementing T24, but also as the user of the software is taking full accountability for running T24 on a daily basis in its own data center in Germany.
Wipro-Temenos ASP Offering
Wipro offers an ASP solution based on Temenos’ TEMENOS T24 (T24) core banking solution, accessed over the internet and charged based on a ‘per-use’ or monthly fee. The ASP offering provides banks with one single contracting party that combines the core banking license, maintenance, “run the bank” services and state of the art infrastructure with a predictable monthly fee.
With this model, banks benefit from day one from significant economies of scale, as a result of leveraged application and infrastructure costs, across multiple users. At the same time they will have the flexibility that comes with T24 in their own logical environments.
The ASP model is a perfect solution for small and medium sized banks, enabling them to leverage T24 at a reduced cost, while drastically reducing the complexity and risks associated with the implementation and migration of a typical core banking solution.
As the solution is fully scalable it is ideal for new banking initiatives that would want to keep upfront IT costs as low as possible.
Key additional benefits that follow from the ASP delivery concept are:
• Variable pricing
• Fully scalable solution
• One single contracting party
• Certified, fully redundant infrastructure
• 24x7 application management and monitoring by a world class technology provider
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