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    Arion Bank and RB sign agreement on new core banking system
    18.01.2019

    Arion Bank and RB sign agreement on new core banking system

    Arion Bank and RB sign agreement on new core banking system - mynd

    RB and Arion Bank signed an agreement today on implementing the Bank's new core banking system. The deal concerns a system from Sopra Banking Software and solutions from RB which are used across the entire Icelandic banking system. Sopra is one of Europe’s largest software companies, with over 40 years’ experience, and it partners more than 800 companies in 70 countries and has already participated in two system implementations in Iceland.

    The new agreement will see RB’s 40-year old customized system be replaced by a standardized international software solution. The update is designed to bring added efficiency to the business and to reduce the costs of running the Bank’s IT system and facilitate further product development. The system incorporates changes to European regulations and facilitates the Bank’s compliance with international requirements.

    The implementation of the new system is an extensive undertaking and involves more than 100 employees of Arion Bank, RB and Sopra. It is expected to launch in autumn 2020.

    Höskuldur H. Ólafsson, CEO of Arion Bank:

    “The Bank’s core banking system is vital for our entire operations and services. Running the core system represents a major expense and by swapping an older system for a more modern and flexible system we will make the business more efficient. The new system will also better enable us to keep developing our services and new digital products, making it easier for our customers to do their banking."

    Friðrik Þór Snorrason, CEO of RB:

    "The agreement with Arion Bank is clear confirmation that RB is on the right track in updating the infrastructure of the Icelandic financial system. Our goal is to make the financial system more effective and cost efficient and help Arion Bank provide high quality services to its customers."