ReiknistofaBankanna (RB) and Sopra Banking Software, a market leading provider of integrated core banking solutions announced a partnership for delivering core banking services to Iceland’s largest banking providers. Based on Sopra Banking’s Platform solution, the banks can look forward to greatly increased operational efficiencies.

RB is jointly owned by the three main Icelandic banks, the Icelandic Savings Bank Association and the two main payment card processors in Iceland and has a long tradition of providing IT services in a diversified economy. RB recognised the need to provide open, modern technology to its clients allowing them to accelerate innovation as well as increasing the speed and effectiveness with which new products and services can be created. In the age of digital banking, this will allow clients of RB to provide a superior customer experience at a lower cost of ownership.

“When we looked to update and modernise our core banking infrastructure, we knew that agility in all forms would be paramount. And if you’re going to be agile in this industry then you’d better have a stable banking platform that supports that,” said Fridrik Thor Snorrason CEO of RB. “The project will amongst other things transform the payment system for the whole Icelandic banking sector. Given the importance of the project the implementation track record of Sopra in core banking transformations weighted heavily in our decision making process as well as the ability of the platform to provide a broad range of products to our clients at reduced costs”.

On Sopra Banking’s continuing expansion, CEO Eric Pasquier commented “Both banks and service providers are realising that the core systems they implemented more than 20 years ago have become difficult to maintain, costly to operate and cannot support complex relationship products. As these organisations look to replace their core system, they will want to select a core banking system and platform that best meets their specific requirements.”