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Global Payment Services Sourcing: Key Considerations

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Adapting to global changes, banks are modifying their payments business to accommodate sourcing models such as outsourcing, in-sourcing, offshoring and white-labeling by striking a balance among …

Adapting to global changes, banks are modifying their payments business to accommodate sourcing models such as outsourcing, in-sourcing, offshoring and white-labeling by striking a balance among competency, scale and cost, depending on the size and nature of the bank's payment operations. We analyze four sourcing models: captive-based, payment processor-based, IT service provider-based and payment utility-based.

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  • 1. • Cognizant 20-20 InsightsGlobal Payment Services Sourcing:Key ConsiderationsBanks looking to keep their payments businesses viable in the faceof regulatory pressure, increased competition and reduced marginsneed to revisit their operating models and identify potential sourcingopportunities to meet their strategic objectives. Executive Summary shift in operating models for payments processing and the choices banks have in responding to these The payments business faces unprecedented changes. It also provides a broad framework for changes globally. The advent of regulations banks to assess their payment processing needs impacting core payment processing such as and qualify the parameters that drive decisions to SEPA, Payment Services Directives (PSD) and engage processing services partners in the long intraday liquidity requirements under Basel-III, as run. Also discussed is a foundation for evaluating well as the problem of legacy platforms, opera- possible sourcing strategies. tional silos, intensifying market competition and reduced margins in cross-border payments, are Global Payments: Evolution putting severe pressure on the global payments and Strategic Choices businesses. The payments industry has achieved radical To keep payments profitable, banks must improvements in profitability and efficiency since reexamine their payments business in terms of the beginning of the 1990s. This can be attributed internal (agility, efficiency and risk) and external to macroeconomic developments as well as the (market, products, partners) parameters and trends within the sector such as the advent of devise new payment strategies. online banking, the growing popularity of online self-service utilities, etc. Both big and small banks are adopting innovative models, involving a partner ecosystem, to achieve Various payment-related functions that were desirable outcomes on the business/processing previously considered the preserve of banks fronts. are now becoming profitable ventures for non- banking institutions. The evolution of PayPal This white paper examines the various processing and Google Wallet are prime examples. This has models that banks are adopting. It explains how prompted transaction banks to rethink their prevailing market conditions warranted a gradual operating models. cognizant 20-20 insights | july 2012
  • 2. The payments industry is moving towards con- Banks are increasingly identifying business/ITsolidation, universal standards, harmonization of processes in the payments value chain that canpayment products across national borders and, be potentially farmed out to third-party servicemost importantly, value chain deconstruction and providers. This allows them to concentrate onspecialization. the in-house activities in which they would like to excel, while extending cooperation with otherBanks should review their core payments service providers in the noncore components ofbusinesses, identify their competitive advantages the business.as well as relative weaknesses and finally focus onthe strengths identified. Such a shift should result As the global financial market moves towards har-in focused investments and efforts in certain monization and consolidation, with the objectiveparts of the payments value chain and procure- of ensuring that all payment transactions arement of services in other non-strategic parts. based on the same standards or interoperable technological standards, the complexities inSuch an approach will lead to higher efficiency cross-border transactions are easing.with a greater degree of specialization and betterutilization of resources. However, for the banking sector, this new wave of harmonization will pose a new set of challengesFigure 1 illustrates the gradual shift in transaction and scenarios. SEPA (Single European Paymentsbanks’ payments operating models. The models Area), with the primary objective of bringingare classified as: down the cost of payments for customers, will also lead to reduced profit margins for banks.• Delivery Model: This focuses on service offerings. To cope with the new reality, and to remain com-• Client Relationship Model: This focuses on petitive and profitable in the payments business, service criteria. banks have to combine a number of cost reduction strategies. These include reducing the number• Transaction Flow Model: This focuses on infor- of systems used to process payments, reducing mation formats. staff costs by eliminating manual processes, con-While the first two models are more client- solidation among key players and working withfocused, the third model is more about internal third-party service providers. However, the morestandardization. business lines a bank offers, the more strategic considerations there are and the more compli- cated the sourcing options.Evolution of Banks’ Payment Operating Models Past (until the early ‘90s) Present Future (2012 and beyond) Bank account-driven Electronic and card-driven Web-driven • Cash and check • Credit and debit card • Collaborative model • Credit transfer • Online banking • Mobile and contactless Delivery Model • Direct debit + payments As per local processing Bank account-driven + requirements. traditional banking • Single domestic bank • Multiple domestic banks • Multiple alternative Client • Largely paper-based • Electronic interaction features payments service providers Relationship • Reduced emotional quotient ( Google Wallet, Paypal etc.) • High emotional quotient Model • Standardized service • Increased self-service utilities level across channels • Virtual bank Largely branch-based Proprietary electronic Universal message protocol with end-of-day multiple channels within European Union for all Transaction + internal reconciliations information interchange Flow Model Branch-based + Proprietary electronic channelsFigure 1 cognizant 20-20 insights 2
  • 3. Complex regulations, greater pricing transparen- margins, banks can be placed in three strategic cy and major investments in payments processes buckets: specialized players, scale players and and systems are forcing global banks, especially followers. the European banks, to take a hard look at their long-term payment business strategies, and make This classification can be used by the banks to significant changes to their existing payment overcome complexities in identifying their market models position, streamline their sourcing options and explore avenues to make their payments businessComplex regulations, A bank with retail, corporate competitive and profitable. and institutional businesses greater pricing across the major economies Scale can help large banks in building an internal transparency and in the Eurozone will face pro- clearing process, where book transfers replace the need for external execution. Typically, themajor investments in hibitive costs of expansion unit cost of a book transfer is under one-tenth unless it can reduce overheadspayments processes by consolidating or outsourc- of an externally executed individual payment. and systems are ing elements of the payments Thus for every 1% increase in the proportion of book transfers, a bank could save 0.9% in corre- forcing global process. sponding costs. By further leveraging fixed infra- banks, especially Also, a bank’s payments strat- structural costs for higher volumes, we estimatethe European banks, egy is a function of its market that large banks could grow volumes at 10-20% position. Global, regional, annually at flat operational costs. to take a hard look national and smaller domes- at their long-term tic players will have different The key characteristics of banks falling under the three strategic categories are as follows: payment business views on the strategic impor- tance of specific payment pro-strategies, and make cesses and the cost-effective- Scale player: Its payments business exists as significant changes ness of the people, systems a strategic business line, and innovations are sponsored. It achieves enhanced levels of effi- to their existing and infrastructure required to ciencies in payment processing. It achieves process payments in-house. payment models. higher profit margins by offering in-sourcing of Keeping in view geographical back-office payments, and white-label services to interests, market share, volume of transactions, specialized and smaller players, taking advantage upfront investment in infrastructure, technolo- of its significant economies of scale and its ability gies and manpower due to complex regulations to invest in expensive infrastructure and tech- and the continual struggle to improve profit nologies. Strategic Positioning of Payment Players Specialized player Scale player Profitability Followers/Small players Share of wallet/market share Figure 2 cognizant 20-20 insights 3
  • 4. Specialized player: It sells a mono product The drivers of sourcing will vary from bank toto a niche market and/or multiple products to bank, and depend on the bank’s scale, geographi-special segments. It goes in for in-sourcing and cal interests and capacity to invest in infrastruc-white-label services in specialized areas. It has ture and technology. Also, the sourcing strategythe ability to design and tailor new products to will be a product of overall business strategy, andcapture new markets. will be governed by the bank’s decision to focus on establishing itself as either an innovator, aFollower/small player: Banks that cannot sustain leader in infrastructure services or a follower.the business case on their current businessvolumes, and do not have the ability to scale up To create a common and flexible framework thattheir presence in the payments business, should different players can use to assess their driversexplore opportunities to outsource part of their of sourcing and align their payments sourcingpayments operations. Followers may have higher strategy with business strategy, three variableslevels of dependencies on old legacy systems. can be considered, namely cost reduction (C1),Such banks should look to forge alliances with competency building (C2) and scale (C3).larger banks to meet the regulatory require-ments for payment products. Examples in this Scale player: Assuming the value for eachcontext could be white-labeling or partner bank variable can vary from 0 to 10, a scale playeragreements. Small players should focus their that wants to consolidate its different paymentsattention and resources on specializing in value- business entities under one unit will tend to investadded services rather than high-volume payment in infrastructure and technology and focus only onprocessing. the key competencies that have been identified. Such a player should arrive at the “sourcing plot”We note, however, that these three classifica- (see Figure 3).tions should not be treated as strategic silos. Ascale player may operate as a specialized player As the plot below shows, the opportunities forin a particular geography/market — for example, sourcing in the areas of cost reduction, in-sourc-a large German bank, which would be considered ing, outsourcing of payments business activitiesa scale player in the EU, offering forex services outside the key competency areas and collabora-for cross-currency payments to its corporate tion with specialized players can be derived moreclientele. easily.A bank’s strategic roadmap will play a role in its Such a company’s strategic intent could be aschoice of sourcing options. follows:Key Drivers of Sourcing • Leverage high transaction volumes to reduce per-unit cost of payment processing.With the exception of a few leading global banksthat have made the strategic decision to focus on, Sourcing Plot for Scale Playerinvest in and grow their payments business, mostbanks are likely to find at least some payment Costprocesses that cannot be justified by their contri- C1bution to the bottom line. 10 8Rising client sophistication and margin pressurewill force such banks to focus on the services they 6excel in and buy other services to deliver value to 4the client. 2For example, a bank that is strong in paymentprocessing but weak in electronic banking could 0use a white-label customer access tool to offer atop-class, complete solution. Or, a bank strong ineuro treasury payments may tie up with a strongbulk-processing bank, organize a SWIFT member- C3 C2administered closed user group (MA-CUG) using Scale CompetencySwiftNet FileAct for access and thereby offer acomplete client solution. Figure 3 cognizant 20-20 insights 4
  • 5. • Use flexible and scalable infrastructure, ket-leading products and services, or value- allowing centralization of core payment added services. processes. • Outsource noncore functions to other special-• Increase focus on standardization, volumes, ized players or scale players. scale and high STP rates. Follower/small player: In the case of a small• Focus on continuous improvement in quality of player or follower, the focus would be more on the internal payments process, partly because cost reduction, both in technology and infrastruc- it is mandated by service level agreements ture, and less on scale and competency. (SLAs) with partner banks for “on-behalf of” payments. Sourcing Plot for Small• Identify areas of key competency, outsource Player/Follower other functions to specialized or other scale players. Cost C1These can be mapped as cost, competency, and 8scale or a mix of them to derive potential drivers 6for the scale player. 4Specialized player: On the other hand, for a spe-cialized player that wants to confine its interest to 2a specialized and strategic part of the paymentsvalue chain, the plot may be as shown in Figure 4. 0Sourcing Plot for Specialized Player Cost C3 C2 C1 Scale Competency 10 8 Figure 5 6 4 From the plot above, it becomes evident that 2 the key driver for sourcing in the case of small players is to deliver services at an optimum cost 0 to customers by collaborating with scale and specialized players. Such players must develop high competency levels to deliver value-added services to their customers. C3 C2 Scale Competency The strategic intent of a small player could be as follows:Figure 4 • Identify low volumes of payments that requireFrom the plot above, key sourcing strategies several expensive systems.aligned with the business strategy can be derived, • Consider sourcing options to balance increasedsuch as offering white-label services to scale and pressure on margins, high operational costssmall players, and outsourcing of noncore and and profitability.volume-based payment functions. • Outsource noncore functions to scale and spe-The strategic intent of a specialized player could cialized players.be as follows: • Focus on value-added services and partner- ship/collaboration with specialized and scale• Offer white-label services in specialized players. offerings that will boost revenue.• Focus on innovation and development of mar- • Partner with scale and specialized players for greater efficiency in payment processing. cognizant 20-20 insights 5
  • 6. Payment Sourcing: Making the operations become primary factors in identifyingRight Moves the appropriate payment sourcing strategy.The traditional and current sourcing models, Also, from the technology point of view, corewhich served the payments business by leveraging services should be individually identifiable andtechnology and the low cost of operations, will reusable such that systems development is sig-lack a value proposition in the new payments era. nificantly easier and quicker. Construction and maintenance costs can thusGoing forward, sourcing models should include be considerably reduced.strategic sourcing partnerships including out- The technology used must The search for thesourcing, in-sourcing, offshoring and white be future-proofed to accom- optimum paymentslabeling. These sourcing opportunities will play modate the integration of sourcing strategyan increasingly important role as the payments existing and newer devel-industry focuses on refining its operating model. opment platforms. This must be about does not have to mean the the right balanceThe new sourcing model must be both cost-effi- outright replacement of the between existingcient and flexible. It should reduce complexity core system. Within a bank’swhen multiple business and operating models legacy systems reside vital sourcing options andcome into play. However, banks have to evaluate components of the organi- new radical options.their current operating model, future strategies, zation’s competitive edge,business drivers and key competencies (see the mission-critical processes and systems thatFigure 6) along the payments value chain to form the heart of the enterprise. They mayposition themselves in the right quadrant of require rationalization, documentation and betterthe sourcing space. To correctly assess existing understanding to enable extracting more value.operating models, regulatory complexities and However, they have proven reliability and value.sourcing options, a thorough evaluation of abank’s payment value chain becomes critical. Therefore, banks considering the option of payments sourcing must measure their valueA large proportion of the challenges and issues proposition in terms of the “future” sourcingin the payments value chain are caused by the strategy, but at the same time must continuecurrent payment engines or back-office applica- to leverage the existing benefits derived fromtions, many of which run on legacy platforms. the “traditional” and “current” sourcing models.Therefore functions such as exception manage- The search for the optimum payments sourcingment, billing and real-time reporting and treasury strategy must be about the right balance between existing sourcing options and new radical options.Evaluation of Payment Services and Outsourcing Model Business Drivers Strategic Intent Sourcing Decisions Outsourcing Models Target Cost-focused Scale player cost structure • Partner providers. service with payments • Focus across market segments. Captive-based • Outsource international operations. outsourcing • Focus on operational efficiency, STP rates. • and presence. knowledge Leverage local • Seamless third-party integration. • Focus on throughput capabilities. Payment Payment • paymentinvestment in Minimal infrastructure. processor-based volumes Specialized player outsourcing • leveraging specialized offerings. Enhance core offerings IT service Revenue-focused • special segments. Move from multi-product to provider-based • Improve client retention. outsourcing • services in specialized areas. In-sourcing and white-label Dependency on • Design new sources of revenue. legacy systems • Support cross-selling. Payment • Integrated payments value chain. Regional/small player utility-based outsourcing • Enhance/innovate • Outsourcing/cost reduction. value-added services. • Lower transaction volumes. Time to marketFigure 6 cognizant 20-20 insights 6
  • 7. Outsourcing Models skilled resources, allowing the bank to focus on itsCaptive-based Outsourcing: Some of the core business functions.large global banks have hived off the noncore Payment Utility-based Outsourcing: A pay-processing part of the payments value chain, ments utility focuses on industrialization of pay-which includes most back-office operations and ments processing. The payment utility follows aIT processing, to their captive outfits in low-cost factory-based approach by offering mass pay-locations. This allows the banks to focus more on ments processing capabilities, with the ability tothe core payments business functions. Addition- process the entire range of payment types such asally, setting up the captive in an offshore location low-value domestic payments, high-value domes-offers economies of scale, access to a global tic payments and international payments. At thetalent pool and resourcing flexibility. At the same same time, it has the flexibility to offer customer-time, it allows the bank to retain control over the specific customization and value-added services.governance and management of these captive It can also help banks expand market coverageunits to minimize risk. Captive outsourcing by providing access to multiple clearing networksunits also provide opportunity for scalability by across geographies.servicing multiple geographies. They can provideadditional revenue streams through in-sourcing The payment utility can be built and run usingand white-label services. different operating models. However, one of the preferred models is where an IT/business processPayment Processor-based Outsourcing: service provider and a payment product vendorRecent years have seen the advent of indepen- partner to service the payment processing needsdent payment processors in the global payments for the bank. They are able to bring technology/market. Most of these processors offer special- service capabilities, state-of-the-art processingized payment processing capabilities. Some of capabilities and business oversight. these entities have traditionally been clearingand settlement services providers and began Due to the critical nature of payments processing,offering payment processing capabilities as an banks perceive operational control as a veryextension of that service. For example, Equens crucial aspect in outsourcing of paymentsin Europe provides specialized SEPA processing processing — be it technology outsourcing,capabilities alongside a host of other services. process outsourcing or both. Operational controlMany of these processors have developed skilled comprises control over people, processes andworkforces as well as state-of-the-art processing technology. Figure 7 depicts how the controlsystems by investing in the latest technologies. varies across the various outsourcing modelsBy offering their services to multiple banks, they with respect to people, processes and technology.benefit from economies of scale. At the sametime, they facilitate better market coverage by Apart from this, the four outsourcing models canextending services to their core geographies. also be compared across a range of other criticalBy partnering with a payment processor, a bank parameters such as cost, competency, scalability,can avoid investing heavily in developing and risk and control, as depicted in Figure 8.supporting processing capabilities especially forregion-specific regulatory compliance. Payment Sourcing Strategy How should a bank approach sourcing? Figure 9IT Service Provider-based Outsourcing: A attempts to address this question.majority of banks’ payment processes still operateon legacy technology platforms that are dated The first step is to conduct an internal assessmentor reaching their end of life. There is a need to of the bank’s payments business, wherein themodernize these systems, which requires signifi- current total cost of operations (TCO) of thecant investment in infrastructure and application payments business is analyzed, current andsoftware upgrades. Banks have the opportunity to future business potential is determined and theoutsource the application development and main- future spend and margins are arrived at for everytenance activities to IT services providers. They product and service offered by the bank. As partalso have the option of replacing legacy applica- of the exercise, the dependencies, restrictions,tions built in-house with specialized applications and challenges in terms of people, processes andprovided by payments product vendors. This not technology are identified and their impact on theonly helps reduce cost but also provides access to overall payment strategy is analyzed. This should cognizant 20-20 insights 7
  • 8. Degree of Control in Outsourcing Models Payment IT service Payment Complete control Captive-based Parameters processor-based provider-based utility-based outsourcing Partial/shared control outsourcing outsourcing outsourcing Limited control 7 No control People Process TechnologyFigure 7High-level Comparison of Outsourcing Models Captive-based Payment IT service Payment 1 Indicates capex and opex cost Parameters processor-based provider-based utility-based outsourcing [capex apportioned over outsourcing outsourcing outsourcing High Low a period of time] 2 Includes functional and technical competency Cost 1 3 Indicates both functional and technical scalability 4 Risk in meeting clearing/settlement deadlines Competency2 Scalability3 Risk4 ControlFigure 8lead to an initial direction on sourcing. Key drivers and C3 (scale,) identified during the previousC1 (cost), C2 (competency) and C3 (scale) will be phase need to be quantified and plotted using theidentified, which should be quantified and plotted sourcing plot to arrive at the strategic intent andin the next phase. During the “plan” phase, banks sourcing options for the bank.should assess their current payments businessusing detailed metrics on revenue, costs and Also during this phase, banks have to explore themargin per payment instrument. possible payments sourcing strategy that is most relevant for them, both in the short as well as theIn the next phase — “analyze” — core payment long term.competencies of the bank should be evaluated.By this stage, the bank will have a high-level view During the third phase of “partner selection,”on the products and services that are strategic appropriate target operating and sourcing modelsin nature, those that are tactical, those that are will be defined. During this phase, relevant dueprofitable and those that are not. diligence has to be performed to evaluate the partners most suitable for the service deliveryThis will help the bank arrive at a decision and sourcing model in line with the strategicto either retain or outsource and exit from a intent of the bank. It could be one partner orpayments processing perspective. The key drivers multiple partners. Partners could range fromof sourcing, C1 (cost), C2 (competency) product platform providers to system integra- cognizant 20-20 insights 8
  • 9. Approach to Payments Sourcing Plan Analyze Partner selection Implementation • Identify the current spend on • Perform market research/analysis • Define the operating model • Select implementation payments processing. to identify payments outsourcing and set the right SLA. approach and timelines. • Calculate the TCO of the entire options and service providers. • Create an appropriate • Implement change payments business. • Perform thorough evaluation of commercial model that management program. risk and cost related measures. addresses high-level • Define transition roles. • Include supporting services as organizational issues. part of the payments business. • Evaluate the options of • Define management control • Aggregate planned future outsourcing to tier-1 banks, • Define risk management activities. shared service center, strategies. spending data across the or non-bank specialist. • Define lines of communication. entire payments business. • Create the project management • Establish metrics of • Identify dependencies/restrictions • Identify components of the framework. performance. arising from existing legacy payment value chain than can • Build an integrated vendor systems. be outsourced. management strategy to • Define continuous improvement roadmap. improve implementation • Identify key sponsors of outcomes. outsourcing and perform impact assessment. • TCO calculation. • Market and vendor analysis. • Define target operating model. • Define implementation & • Current and future • Risk management. • Define the commercial model. change management approach. spend analysis. • Identify components • Create vendor management • Establish performance metric. • Budget. for outsourcing. strategy. • Formulate benefit • Map dependencies. measurement matrix. • Impact assessment.Figure 9tors to payment processors to other banks and and operations strategy. In the past two to threefinancial institutions years, many large global transaction banks have devised medium-to-long-term strategies and areThe fourth phase is the “implementation” phase working towards operationalizing them. However,during which the plan for implementing the most regional and local banks are still strugglingsourcing strategy along with the chosen partners to define a new strategy, and incurring losses andwill be drawn up. The benefit measurement losing their customer base to rival banks. Theseand performance measurement metrics will be banks will have to quickly determine their targetdefined in this phase. positioning in the payments business after con- sidering their current market positioning, compe-Conclusion tencies, potential, technological investments andBanks continue to operate in a challeng- operational challenges, and arrive at a strategying financial and economic environment and that accrues income to the bank and providesthe focus for all banks (as far as the payments added value to its customers. The mid-tier banksbusiness is concerned) is on three underlying can no longer afford to have a “me–too” approachparameters — viz. cost, competency and scale. in payments and risk losing their payment incomeThough many banks across the globe have started stream as well as their customer base, whichaddressing these challenges in a tactical manner, could impact related transaction banking incomethe need of the hour for banks is to take a more streams.holistic view of their payments business andformulate the appropriate business, technology cognizant 20-20 insights 9
  • 10. References• http://globalmarkets.db.com/new/fx4cash/index_fx4cash.html• WPR 2010, WPR2011, Gartner report on payment outsourcing.• http://www.reuters.com/article/2008/06/19/idUS174644+19-Jun-2008+MW20080619• http://www.scotiabank.com/ca/common/pdf/commercial/product_sheet20768.pdf• “Global Perspective on Payments,” McKinsey & Company, April 2009.• “European banks, The silent (r)evolution,” Deutsche Bank Research, April 2008.About the AuthorsSaby D’Souza is a Director at Cognizant Business Consulting and coleads the Wholesale BankingConsulting Practice. He has been associated for more than 16 years with transaction banking, working forleading banks as well as IT consulting majors. He can be reached at Saby.Dsouza@cognizant.com.Satyaki Dasgupta is a Manager within Cognizant Business Consulting‘s Wholesale Banking Practice. Hehas 12 years of experience in the area of corporate payments and cash management. He can be reachedat Satyaki.Dasgupta@cognizant.com.About Cognizant’s Wholesale Banking GroupA unit of Cognizant’s Banking & Financial Services Business Unit, the Wholesale Banking Group providesend-to-end information technology, consulting and business process outsourcing services acrossvarious lines of business within the wholesale banking sector. The group has extensive experience acrosswholesale banking product suites, serving large global banks across geographies.Cognizant Business Consulting provides business-technology consulting services that assess the currentstate of IT architecture, define a business roadmap and develop best possible implementation strategy.This knowledge provides us with insights when delivering reengineering projects such as designing anintegrated transaction banking platform. We consciously choose to focus on business services ratherthan just the products that enable these services. This helps us inculcate the best practices in theindustry encompassing both cash and trade areas.About CognizantCognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process out-sourcing services, dedicated to helping the world’s leading companies build stronger businesses. Headquartered inTeaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industryand business process expertise, and a global, collaborative workforce that embodies the future of work. With over 50delivery centers worldwide and approximately 140,500 employees as of March 31, 2012, Cognizant is a member of theNASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performingand fastest growing companies in the world. Visit us online at www.cognizant.com or follow us on Twitter: Cognizant. World Headquarters European Headquarters India Operations Headquarters 500 Frank W. Burr Blvd. 1 Kingdom Street #5/535, Old Mahabalipuram Road Teaneck, NJ 07666 USA Paddington Central Okkiyam Pettai, Thoraipakkam Phone: +1 201 801 0233 London W2 6BD Chennai, 600 096 India Fax: +1 201 801 0243 Phone: +44 (0) 20 7297 7600 Phone: +91 (0) 44 4209 6000 Toll Free: +1 888 937 3277 Fax: +44 (0) 20 7121 0102 Fax: +91 (0) 44 4209 6060 Email: inquiry@cognizant.com Email: infouk@cognizant.com Email: inquiryindia@cognizant.com©­­ Copyright 2012, Cognizant. All rights reserved. No part of this document may be reproduced, stored in a retrieval system, transmitted in any form or by anymeans, electronic, mechanical, photocopying, recording, or otherwise, without the express written permission from Cognizant. The information contained herein issubject to change without notice. All other trademarks mentioned herein are the property of their respective owners.