Iceland’s RB makes core banking system replacement
RB is revamping its core banking systems
Iceland’s Reikninstofa Bankanna, which is jointly owned by the three main banks in Iceland, has opted for a full core bank replacement project which it says will help it to slash its costs and bring new services to the market more quickly.
The replacement project will bring in technology from specialist firm Sopra Banking Software. RB is bank that mostly serves other savings banks, card companies and other financial institutions. The idea behind the core replacement was to use open, modern technology so that the bank’s customers can themselves offer better services.
“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, chief executive at 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”.
Apart from Iceland’s three main banks, RB is also jointly owned by the Icelandic Savings Bank Association and the two main payment card processors in Iceland.
