FRANKFURT (dpa-AFX) - Technology outsourcing and consultancy company Accenture Plc. (ACN) announced a five-year contract extension with German lender Deutsche Bank AG (DB) to continue to provide procurement business process outsourcing (BPO) services globally to the bank.
The extended agreement is designed to reduce operational costs, enhance spending control and streamline sourcing and procurement services of Deutsche Bank.
Under the original contract signed in 2004, Deutsche Bank outsourced its procurement operations and accounts payable processing to Accenture, as well as the maintenance of its procurement information technology (IT) system.
The new contract extends the initial agreement, which was scheduled to expire in December 2016, through the end of 2021. Accenture is a member of Deutsche Bank's Supplier Partnership Program which was successfully launched in June 2014.
Under the new contract, Accenture will also further automate the source-to-pay process, including invoice processing and contract compliance management. Further, it will migrate Deutsche Bank's current on-premise procurement IT platform to an on-demand procurement solution from Ariba, an SAP company.
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