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 Centre 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 brbreadth 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.