About RB

Reiknistofa Bankanna (RB), literally translating to “Computing Center of the Banks” in Icelandic, plays a critical role in Iceland’s financial infrastructure. Established in 1973 as a joint venture between Icelandic banks, RB functions as a non-profit cooperative. Their core mission revolves around creating a secure and efficient financial market environment for the entire country.

RB achieves this by providing essential shared services to Icelandic financial institutions. These services encompass operating key financial systems, including those for interbank settlements, payment clearing, and core banking infrastructure. Additionally, RB prioritizes cybersecurity, actively working to safeguard the financial system from cyber threats. By ensuring the smooth operation and security of these critical systems, RB fosters a stable and efficient financial landscape that benefits all participants in the Icelandic economy.

Providing multi-bank solutions

Long-standing IT service center RB develops and provides core systems to all banks in Iceland, including the country’s central bank. Problematically, many of these banks were previously running on costly legacy systems, and it was RB’s objective to change this, by providing multi-bank solutions that increase efficiency in financial institutions while lowering costs. But to do that in the most successful way, RB needed to review and challenge its own business processes, rationalize costs and replace its existing system.

  • November 2014

    Our Core Banking System is selected

  • November 2017

    The 1st bank goes live on our Core Banking System

  • April 2021

    The 3rd bank goes live on our Core Banking System

“RB needed a strong partner and a flexible solution to replace the legacy software that RB has been running for Icelandic banks for decades. With the help of an external consulting company, RB performed an extensive selection process. A lot of partners and systems were analyzed and, from them, three were chosen for a final phase, and eventually Sopra Banking was selected.

RB is very satisfied with the cooperation with Sopra Banking, and their software has proven to be both flexible and feature-rich, able to fulfill the requirements of the banking system in Iceland. Currently, we are looking into opportunities to extend the use of the Sopra Banking system in Iceland and possibly add new Sopra Banking modules to the portfolio of systems at RB.”

Jon Helgi Einarsson, Executive Vice-President at RB

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