The value of the deal is undisclosed, but involves a team of Xerox document advisors overhauling the bank's entire print supply chain, from design and secure production of transactional and marketing pieces to print buying and fulfilment. Northern Rock will be billed on a utility-like model.

Xerox account director for Northern Rock Ian Walker said that Xerox is now "100% responsible for all purchasing decisions. Northern Rock pays for the service and we manage everything on their behalf... it needs to be within the boundaries of the agreement, but Xerox makes the commercial and operational choice".

The companies will also work together on improving the effectiveness of documents through increased use of personalisation and transpromo technologies.

Roger Jones, Northern Rock customer communications assistant director, said: "Within financial services, the accurate and timely delivery of all customer documentation is the lifeblood of our business... By streamlining our document processes we can reduce our costs and environmental impact."

The bank was previously managing its print internally.