German banking major Deutsche Bank has extended the existing information technology (IT) outsourcing contract with Accenture for additional five-years.

The new contract extends the initial agreement, which was scheduled to expire in December 2016, through the end of 2021.

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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 IT system.

Accenture said that in addition to continuing to provide Deutsche Bank with procurement operations and accounts payable processing services, it will further automate the source-to-pay process, including invoice processing and contract compliance management.

Also, Accenture will migrate Deutsche Bank’s current on-premise procurement IT platform to an on-demand procurement solution from Ariba, an SAP company.

Through the IT outsourcing deal, Deutsche Bank aims to reduce operational costs, enhance spending control and streamline sourcing and procurement services.

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Mark Loring, head of source-to-pay and travel operations, and John Goyanes, head of purchasing at Deutsche Bank said: "We extended our relationship because Accenture understands how to derive real financial benefits and business value from sourcing and procurement.

"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, and ultimately work towards meeting our clear business objectives, including sustainable cost savings targets."