processing systems in 10 European countries into a single system.

The $865 billion-asset bank said it will replace its existing proprietary software with Co-ACH software from Transaction Systems Architects Inc., which will let corporate banking customers send electronic payments to other trading partners across Europe.

Deutsche Bank will use the software to funnel payments to branches. The software will be modified to conform to the individual requirements of each country, said Greg Dumann, an executive vice president at Transaction Systems. It also will accommodate euro-denominated transactions.

The installation process -- already under way -- will take two years, he said.

Frankfurt-based Deutsche's $18 million, five-year licensing agreement, signed in late October, is Transaction System's largest, according to Richard Zandi, an equity analyst at Salomon Smith Barney.

"This is a monster deal," Mr. Zandi said. "It's especially noteworthy given that Deutsche signed the deal in front of Y2K." The agreement could be a "springboard to wins among European banks."

Mr. Dumann said Omaha-based Transaction Systems "would like to see our product become a standard in Europe, if not around the world."

The Deutsche deal is the 13th sale of Co-ACH software in six years. It has been sold to central clearing houses in Argentina, Poland, and Singapore, and to large banks such as Bank of America Corp. and First Union Corp.

International sales accounted for 52% of Transaction Systems' revenues of $262.1 million through the first nine months of this year. The company, which also sells ATM network switching and authorization software to banks, does business in 76 countries.

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