Deutsche Bank and SAP, the German financial services technology firm, have teamed up on a multi-year initiative which will see the bank replace individual software systems in its home market with a new core banking system based on SAP for Banking Solutions.

Starting this year, the SAP implementation forms part of Deutsche’s strategy to strive for a high degree of industrialisation and standardisation of processes, along with greater flexibility in its IT infrastructure, the bank said in a statement. Through using SAP software Deutsche aims to boost efficiency and profitability as well as to accelerate time-to-market in launching new products and services.

“IT is a business driver and catalyst. It ought to be flexible, cost-efficient and scalable in order to support business growth. We are looking forward to shaping the industry and setting new standards to manage processes and services even more consistently and efficiently with a new core banking system. SAP’s solution portfolio offers the core banking functionality to improve our effectiveness at all levels,” said Hermann-Josef Lamberti, Deutsche Bank's chief operating officer.

Deutsche’s new core banking system will comprise partner data, payments, account management and savings applications.