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implementing our Core Banking System. By starting with the blueprint phase, we screened all RB's processes and products, and then localized our solution to fit with Icelandic specificities, notably indexed interest rates on accounts and deposit products linked to inflation and other economic indicators. This in itself proved challenging, due to the complexity of managing indexing across different products. Furthermore, as we were implementing solutions for RB to help their banking clients, the question of communication and governance had to be answered. Fortunately, we were able to overcome both challenges, thanks to good relations between all teams and a strong experience and competence from those involved in the implementation phase. As such, the initial stages of the project have been a resounding success, with three of Iceland's largest banks already migrated onto RB's new system we provided. And the project won't stop there. With RB, we're continuing to onboard all Icelandic banks, including the Icelandic Central Bank, and, by the end of the year, we should be complete. T I M E L I N E March 2013 April 2014 November 2014 May 2017 November 2017 June 2018 August 2018 September 2018 October 2020 April 2021 Partnership agreement signed Our Core Banking System is selected, and a service agreement is signed Project phase 1 (migrating the two largest banks in Iceland) starts Project to implement our Provision (IFRS9) solution is signed for one Icelandic bank The first bank goes live on our Core Banking System Provision goes live (for one bank) Project phase 2 (migrating the third biggest bank in Iceland) is signed and begins The second bank goes live on our Core Banking System Project phase 3 (all remaining banks in Iceland, including the Icelandic Central Bank) is signed The third bank goes live on our Core Banking System K E Y FACT S • Founded: 1973 • Headquarters: Reykjavik, Iceland • Focus on: Financial services IT systems Sopra Banking Software is the partner of choice for more than 1,500 financial institutions worldwide. The rich variety of our solutions, the strength of our conviction and our passion for innovation enable us to support our clients on a daily basis and in their future projects, as well as in their goals regarding financial inclusion. Our customers, based in over 80 countries around the world, benefit every day from our technologies and software, as well as the expertise of our 5,000 employees. Sopra Banking Software is a subsidiary of the Sopra Steria Group, a European leader in consulting, digital services and software development. With more than 46,000 employees, the Sopra Steria Group generated a turnover of €4.3 billion in 2020. For more information, follow us on LinkedIn, Twitter & Instagram or visit

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