Bangalore, India - October 26, 2010:
Wipro Technologies the global Consulting, System Integration and Outsourcing business of Wipro Limited (NYSE:WIT) today announced that it is collaborating with EMC® Corporation to develop an electronic bank account management solution for the Corporate Banking sector of the Financial Services industry.
The Electronic Bank Account Management (eBAM) solution is being developed using EMC Documentum® xCelerated Composition Platform (xCP) which integrates EMC Captiva® for intelligent enterprise capture and Wipro's message management and back office integration offerings. Wipro will also be utilizing RSA technologies to address the security aspects of the solution.
The planned solution will provide a streamlined and geographically standardized bank account management process for the Corporate Banking industry and help banks achieve a faster time to market and better demonstration of compliance with respect to Corporate Account Management fulfillment activities.
Wipro will provide the Business Solution Conceptualization, System Integration as well as Message Management for the eBAM solution. In addition to the core offerings, Wipro will also provide Banking domain expertise and advisory services as part of this solution to financial institutions. This solution intends to offer a document driven workflow-based integration that is easy to deploy, configure, operate, maintain and upgrade, thereby offering an optimal ‘total cost of ownership’ structure for customers.
“We have been very impressed by Wipro's deep understanding of the challenges encountered by banks throughout the world,” said Neville Letzerich, Vice President and General Manager for EMC Documentum xCP, Information Intelligence Group, a division of EMC. “Their vertical knowledge combined with the strength and flexibility of Documentum xCP enables our mutual customers to realize value much faster and at a substantially reduced cost.”
“Wipro is excited to collaborate with EMC in developing this solution on Documentum xCP. We believe many financial institutions with Transaction Banking focus will embrace this solution with their corporate partners and customers in the near future” said Sriram Srinivasan, Senior Vice President & Global Business Head, Banking, Wipro Technologies. He also added “It has been our endeavor to build industry solutions and help financial institutions cut down their implementation timelines with best-of-breed technology choices.”
Wipro Technologies, a division of Wipro Limited (NYSE:WIT) is the first PCMM Level 5 and SEI CMM Level 5 certified global IT services organization. Wipro Technologies was recently assessed at Level 5 for CMMI V 1.2 across offshore and onsite development centers. Wipro is one of the largest product engineering and support service providers worldwide. Wipro provides comprehensive research and development services, IT solutions and services, including systems integration, information systems outsourcing, package implementation, software application management, and datacenter managed services to corporations globally. In the Indian market, Wipro is a leader in providing IT solutions and services for the corporate segment in India, offering system integration, network integration, software solutions and IT services.
Wipro also has a strong presence in niche market segments of consumer products and lighting. In the Asia-Pacific and Middle East markets, Wipro provides IT solutions and services for global corporations. Wipro's ADS' are listed on the New York Stock Exchange, and its equity shares are listed in India on the Stock Exchange - Mumbai, and the National Stock Exchange.
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Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.