Tech Mahindra takes Grameen Koota Live with Temenos T24, Boosting Delivery of Financial Services to Low-income Households

Bangalore, Karnataka, India
Temenos (SIX: TEMN), market-leading provider of mission-critical solutions to the financial services industry and Tech Mahindra, a specialist in digital transformation, consulting and business re-engineering announced that they have implemented Temenos T24 for Microfinance and Community Banking for Grameen Koota Financial Services Private Limited (Grameen Koota). With a modern core banking structure that affords higher levels of automation and flexibility, Grameen Koota can now achieve its mission to reach a larger client base.

Over a period of nine months, Tech Mahindra and Temenos implemented T24 across 270 branches in five states to migrating a 1.1 million-strong customer base, consisting of 2.3 million loans and equipping Grameen Koota with the capability to achieve a daily loan disbursement for 10,000 customers. T24’s scalable architecture improves operational efficiency, streamlines Grameen Koota’s Management Information System, and enables access from remote locations, empowering growth across a wider geographical range and to more diverse rural communities.

T24 for Microfinance and Community Banking is specially configured for the specific requirements of microfinance institutions (MFIs) and is a robust platform for Grameen Koota’s multiple solutions and offerings such as credit, insurance, pension and non-financial services such as healthcare.

“Revamping our infrastructure with T24 is an important step towards accelerating operational efficiency and achieving growth targets. We can now become more customer-centric with the help of a versatile back-end system,” said Mr Udaya Kumar, Managing Director and Chief Executive Officer of Grameen Koota. “The credit for achieving the successful transition to Temenos T24 in such a short period goes to the dedication and hard work put in by Mr Arun Kumar B, Head of IT and his team members," he noted.

“Our deep expertise in implementing T24 and business understanding of Micro-community business served in providing a scalable solution to customers’ growing demand,” said Ravi Vasantraj, Global Head BFSI Competency, Tech Mahindra. “Customers are at the heart of all that we do and we are honoured to be a part of Grameen Koota’s vision to enhance financial inclusion in India.” 

“MFIs who want to thrive in a fast evolving landscape need mission-critical solutions to succeed,” said Martin Frick, Managing Director, Asia Pacific, Temenos. “Our award-winning T24 will fuel Grameen Koota’s ambitions in propelling India’s rural communities to a more progressive future. We want to continue expanding our proven track record and support MFIs in growing their market share and business scope.”

Temenos is the world’s largest provider of MFI core banking solutions, with over 220 clients. T24 offers a complete front-to-back office, CRM and product lifecycle management software platform that powers core banking operations for financial institutions from new starters, to established intermediaries entering a new market, to very large mass market retail banks. T24 has been consistently ranked as the first or second best-selling core banking software platform worldwide for the past 14 years (International Banking Systems Sales League Table).


About Temenos

Temenos Group AG (SIX: TEMN), headquartered in Geneva, is a market leading software provider, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 2,000 firms across the globe, including 38 of the top 50 banks, rely on Temenos to process the daily transactions of more than 500 million banking customers as well as over USD 5 trillion in assets. Temenos customers are proven to be more profitable than their peers: in the period 2008-2012, they enjoyed on average a 32% higher return on assets, a 42% higher return on equity and an 8.1 percentage point lower cost/income ratio than banks running legacy applications.

For more information, please visit www.temenos.com.

                     
About Grameen Koota

Grameen Koota Financial Services Private Limited provides micro finance services to women from rural poor and low income households in Karnataka, Maharashtra, Madhya Pradesh, Chhattisgarh and Tamil Nadu. The company offers income generation, home improvement, emergency, family welfare, and home construction loans; life insurance and healthcare products; and pension schemes, and non-financial services. Grameen Koota was founded in 1999 and is headquartered in Bengaluru, India.

For more information, visit: www.grameenkoota.org


About Tech Mahindra

Tech Mahindra represents the connected world, offering innovative and customer-centric information technology services and solutions, enabling Enterprises, Associates and the Society to Rise™. We are a USD 3.9 billion company with 105,200+ professionals across 90 countries, helping over 780+ global customers including Fortune 500 companies. Our innovation platforms and reusable assets connect across a number of technologies to deliver tangible business value to our stakeholders. Tech Mahindra is also amongst the Fab 50 companies in Asia as per the Forbes 2014 List.

We are part of the USD 16.9 billion Mahindra Group that employs more than 200,000 people in over 100 countries. The Group operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, after-market, information technology and vacation ownership.

New and Improved exactaneroid Sphygmomanometer from Riester

Riester has upgraded its classic twin-tube aneroid sphygmomanometer, exacta®. The new version has been reduced in weight and is available in a latex-free version. The unit is designed to deliver lifelong precision thanks to long-lasting parts and a specially tempered copper-beryllium diaphragm that allows pressure loading up to 600mm Hg. 

It features a stainless steel metal clamp for hooking the pressure gauge to the cuff, and a durable air release valve that offers fine adjustment. The manometer scale delivers accurate and easy to read measurements, with a maximum error tolerance of +/- 3 mm Hg. 

Riester offers a comprehensive selection of different sizes and versions of cuffs with exacta®. Delivery of exacta® includes a handy vinyl zipper bag. 

About Riester

Riester is a German company that engineers and manufactures diagnostic instruments for general practitioners, hospitals, clinics and even the home. Its major product lines include sphygmomanometers, E.N.T. and ophthalmic instruments, stethoscopes, laryngoscopes and examination lamps. Founded by Rudolf Riester in 1948, the company has 60 years of experience in developing products that embody the high quality and precision of German engineering. Riester is a subsidiary of Halma p.l.c.

About Halma

Halma p.l.c. is an international market leader in safety, health and sensor technology. Halma is a public company listed on the London Stock Exchange and has over 4000 employees in 40 subsidiaries worldwide. Halma's subsidiaries make products that protect lives and improve the quality of life for people through innovation in market leading products which make its customers safer, more competitive and more profitable. These subsidiaries are assisting India's economy in areas such as manufacturing, energy, water and waste treatment, the environment, construction, transport and healthcare. 

For further news about Halma in India and to subscribe to the Halma India RSS News Feed please visit our blog at:http://halmapr.com/news/india/.

WNS Acquires Fusion Outsourcing Services in South Africa

WNS Acquires Fusion Outsourcing Services in South Africa
Expanded Global Capability Enhances Growth Opportunities

New York, United States and Mumbai, Maharashtra, India, Thursday, June 21, 2012 -- (Business Wire India) -- WNS (Holdings) Limited (NYSE: WNS), a leading provider of global business process solutions, today announced that it has acquired Fusion Outsourcing Services (Pty) Ltd., a leading BPO provider based in South Africa. Fusion provides a range of outsourcing services including contact center, customer care and business continuity services to both South African and international clients. With operations in Cape Town and Johannesburg, Fusion currently employs approximately 1,500 people. WNS recently collaborated with Fusion to service one of WNS's largest UK-based clients with premium voice services. 

WNS's CEO, Keshav Murugesh, stated "The acquisition of an established player like Fusion brings a new and highly leveragable asset to WNS. Expanding our global delivery footprint and entering emerging growth markets are key pillars of our investment strategy. We believe that establishing operations in South Africa addresses both of these objectives. WNS currently has several existing and prospective clients interested in having services delivered from South Africa to take advantage of the English language capabilities, skilled talent pool and strong cultural work ethic. Longer term, we view this growing economy as an exciting end-market user of global BPO services, especially in the areas of finance and accounting and insurance-specific services. We are pleased to welcome the Fusion team into the WNS family, and look forward to working together to take the company to greater heights."

"We are thrilled to become a part of a vibrant and growing global organization like WNS," said Johann Kunz, Fusion's Managing Director. "We are proud of the solid foundation and reputation we have been able to build, and look forward to becoming an integral part of WNS's global strategy going forward."

The acquisition of the shares of Fusion from BFSL Limited, part of UK-based BGL Group of companies, is effective June 21, 2012, and cash consideration for the transaction was UK£10 million plus adjustments for cash and working capital. The transaction is expected to be funded from cash on hand, with approximately half of the consideration paid at completion and the remainder payable in tranches on or before May 31, 2013. Based on Fusion's existing book of business, the acquisition is expected to contribute incremental revenue of $9 million - $10 million for WNS in fiscal 2013. WNS expects the transaction to be neutral to adjusted earnings per share in fiscal 2013, and accretive in fiscal 2014.

About WNS

WNS (Holdings) Limited (NYSE: WNS), is a leading global business process outsourcing company. WNS offers business value to 200+ global clients by combining operational excellence with deep domain expertise in key industry verticals including Travel, Insurance, Banking and Financial Services, Manufacturing, Retail and Consumer Packaged Goods, Shipping and Logistics and Healthcare and Utilities. WNS delivers an entire spectrum of business process outsourcing services such as finance and accounting, customer care, technology solutions, research and analytics and industry specific back office and front office processes. After the acquisition of Fusion, WNS has over 26,000 professionals across 28 delivery centers worldwide including Costa Rica, India, Philippines, Romania, South Africa, Sri Lanka, United Kingdom and the United States. For more information, visit www.wns.com.

Safe Harbor Provision

This document includes information which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events. These statements include, among others, growth opportunities from the expanded global capability, the demand for global BPO services in South Africa and Fusion's expected results of operations and their expected impact on WNS's results of operations. Factors that could cause actual results to differ materially from those expressed or implied include Fusion's volume of business, our ability to successfully integrate Fusion's business operations with ours; our ability to successfully leverage Fusion's assets to grow our revenue, expand our service offerings and market share and achieve accretive benefits from our acquisition of Fusion; worldwide economic and business conditions; political or economic instability in jurisdictions where we have operations; and other factors discussed in our most recent Form 20-F and other filings with the Securities and Exchange Commission. WNS undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

References to "UK£" refer to the British Pound Sterling, the legal currency of Britain. References to GAAP refers to International Financial Reporting Standards, as issued by the International Accounting Standards Board.