22 October 2017

Temenos partners Wipro on core banking ASP offering; posts Q1 loss

20 April 2011  |  11598 views  |  0 Hands on keyboard

Swiss fintech vendor Temenos has teamed with Indian counterpart Wipro to punt a core banking offering on an application service provider (ASP) model to small European banks.

Under the agreement, Wipro will provide banks with a system based on the Temenos T24 core platform, accessed over the Internet and charged based on a per use or monthly fee.

There are over 8000 banks in the EU and for many small and medium sized players replacing expensive core systems is a daunting task.

The partners say that the ASP model is ideal for these, enabling them to bundle the licence, maintenance, services and infrastructure costs into a predictable fee while also getting to market far faster.

The pair are also pitching the model at new entrants emerging in the wake of the financial crisis. In the UK, Temenos already has a pay-per-transaction deal with the recently launched Metro Bank.

Andreas Andreades, CEO, Temenos, says: "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."

Meanwhile, Temenos has reported first quarter revenues of $103.1 million, up 10% from $93.9 million in Q1 2009. Licence revenue rose a less impressive three per cent, partly due to a "temporary slow-down in decision making as a result of the geopolitical issues in the Middle East and Japan," claims Andreades.

This has contributed to a $10.9 million loss for the quarter, compared to a small $210,000 profit the previous year.

Says Andreades: "With Q1 being the seasonally smallest quarter in the year, small licence volatility can get amplified. We continue to be very confident that we can deliver our full year outlook."

Shares in the company were down five per cent, at CHF30.40, in morning trading.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Temenos gets new CEO; posts FY results

Temenos gets new CEO; posts FY results

17 February 2011  |  11920 views  |  0 comments
Temenos takes T24 to the cloud with Microsoft Windows Azure

Temenos takes T24 to the cloud with Microsoft Windows Azure

07 February 2011  |  11620 views  |  0 comments
Temenos trio jump ship to form new company

Temenos trio jump ship to form new company

01 February 2011  |  15172 views  |  0 comments
Temenos agrees Odyssey acquisition

Temenos agrees Odyssey acquisition

28 September 2010  |  12295 views  |  0 comments | 1 tweets
Wipro takes over German data centre from Citi

Wipro takes over German data centre from Citi

06 August 2010  |  6153 views  |  0 comments
Metro Bank opens doors as Virgin Money sets back launch date

Metro Bank opens doors as Virgin Money sets back launch date

29 July 2010  |  17117 views  |  4 comments
Temenos posts full year operating profit rise

Temenos posts full year operating profit rise

18 February 2010  |  7426 views  |  0 comments
Temenos spends $81m on French core banking outfit Viveo

Temenos spends $81m on French core banking outfit Viveo

06 January 2010  |  15551 views  |  0 comments
Temenos and Metavante resolve core banking dispute

Temenos and Metavante resolve core banking dispute

22 July 2009  |  8285 views  |  0 comments
Wipro banned from World Bank contracts

Wipro banned from World Bank contracts

12 January 2009  |  13607 views  |  0 comments

Related company news

 

Related company information

Temenos – The Banking Software Company

Related blogs

Create a blog about this story (membership required)
visit www.atos.net visit www.fivedegrees.nl

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
13259 views comments | 17 tweets | 28 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
12276 views comments | 22 tweets | 28 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9554 views comments | 13 tweets | 10 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
9165 views comments | 11 tweets | 22 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8575 views comments | 9 tweets | 18 linkedin

Featured job

circa £250K total package
London

Find your next job