IT services company Accenture has bagged a five-year BPO contract extension from Deutsche Bank.
The IT outsourcing deal is to provide procurement business process outsourcing (BPO) services globally to the bank.
Deutsche Bank aims to reduce operational costs, enhance spending control and streamline sourcing and procurement services through the IT outsourcing deal.
Accenture did not reveal the size of the BPO contract. The new IT outsourcing contract extends the initial agreement, which was scheduled to expire in December 2016, through the end of 2021.
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.
Accenture said it will further automate the source-to-pay process, including invoice processing and contract compliance management. Accenture will also migrate Deutsche Bank’s current on-premise procurement IT platform to an on-demand procurement solution from Ariba, an SAP company.
Mark Loring, head of Source-to-Pay and Travel Operations, and John Goyanes, Head of Purchasing, Deutsche Bank, said: “The contract extension positions Accenture as one of our few strategic business partners, and we can now leverage their enhanced sourcing capabilities to accelerate the source-to-pay process with strong compliance.”