Accenture will oversee invoice processing for one of Europe's biggest banks.

The global technology services and consulting company said Tuesday it has agreed with UniCredit to manage an entity the companies have formed to oversee the Milan-based bank's receivables, payables and asset-management functions.

The new unit, which will aim to help UniCredit lower its operations cost, will employ people from the bank's invoice management arm who will work alongside personnel from Accenture at offices in Rome and Trieste, according to an Accenture spokesman.

UniCredit's invoices were previously managed by a wholly owned subsidiary.

Massimo Schiattarella, general manager of UniCredit's business integrated solutions unit, called the venture "an important step in our transformation journey" that will enable the company "to bring new levels of efficiency" to its operations, according to a press release.

"Our leading capabilities in business process outsourcing, in finance and accounting and in technology align perfectly with UniCredit's broader efficiency and innovation objectives and its approach to the new challenges in the market," added Roberto Pagella, Accenture's managing director for business process outsources in Italy, Greece, Turkey and Eastern Europe.

UniCredit has 9,360 branches in 22 countries.