Deutsche Bank has signed a contract with SAP to replace its legacy systems with a new core banking platform.
Financial details of the contract were not disclosed.
As part of the four- to five-year contract, the investment bank’s existing system in Germany will be replaced with a new system based on SAP for Banking solution that will comprise of partner data, payments, account management and savings applications.
The implementation is set to start by mid-2010, and Deutsche Bank refused to comment on whether the system would be rolled out to the UK in the future.
The bank said that the SAP implementation will help to standardise processes and achieve greater flexibility in its IT infrastructure. The infrastructure will be built on standardised, modular SAP software functions within a service-oriented architecture.
It added that the new system will help to boost efficiency and profitability, as well as speed up the roll out of new products and services.
He also said that not all the systems will be standardised, and that some systems, such as security and online banking, will continue to be programmed individually, as these features help to “differentiate Deutsche Bank from its competitors”.
Hermann-Josef Lamberti, Deutsche Bank’s COO, said: “IT ought to be flexible, cost-efficient and scalable in order to support business growth. SAP’s solution portfolio offers the core banking functionality to improve our effectiveness at all levels.”