Reiknistofa Lifeyrissjoda

Name

Reiknistofa Lifeyrissjoda

Legal name

Reiknistofa lífeyrissjóða hf.

Website

https://www.rl.is

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Pension Fund Administration Software

NAICS

Custom Computer Programming Services (541511), Business Support Services (5614)

SIC

Services-Computer Programming, Data Processing, Etc. (7370), Services-Computer Programming Services (7371), Services-Prepackaged Software (7372)

akta.pro primary industry

Employee Benefit & Retirement Plan Trust Services (FSAAANAC)

akta.pro secondary industries

HRIS/HCM Managed Services & Support (BPAEAGAF), Core HR & HRIS (BPACAPAA), HR Service Delivery & Employee Contact Centers (HR Helpdesk) (BPACAKAI)

Keywords

• Pension fund software
• Contribution management
• Pension administration
• Securities custody
• Member management

Headquarters

HQ city

Kópavogur

HQ country

Iceland

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Infrastructure, Operations

Revenue model

1. Usage Fees: Recurring usage fees for system access and processing. RL has provided significant discounts and free periods to customers as part of operational efficiency gains.
2. Professional Services - Custom Work: Charges for custom development and technical work including general services, technical services, and development work at different hourly/day rates.
3. Service Contracts: Ongoing service contracts with customers for system support, maintenance, and development services. Contracts include periodic review provisions.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Reiknistofa Lifeyrissjóða (RL) develops, operates, and services the Jóakim software system — a comprehensive pension fund management platform that handles contribution collection, securities custody, pension disbursements, loan management, healthcare benefits, and member administration for Icelandic pension funds, labor unions, and financial institutions. The company also provides ongoing support, custom development, and a self-service customer portal as part of its service offering.

Product overview

Reiknistofa Lifeyrissjoda operates the Jóakim system as its primary product—a comprehensive, modular software platform for Icelandic pension fund operations. Jóakim consists of integrated modules: the Contribution System (Iðgjaldakerfið) for premium collection and member rights, the Securities System (Verðbréfakerfið) for investment management, the Pension Payment System (Lífeyrisgreiðslukerfið) for benefit disbursements, the Member System (Félagakerfið) for union and employer records, and the Loan System (Lánakerfið) for loan administration. Customer-facing services include the Þjónustugátt RL (Service Portal) for service requests and request monitoring.

Differentiator

Problem solved

Functional benefit

Brands

• Jóakim: Comprehensive software system owned by RL that serves the core needs of Icelandic pension funds, labor unions, and other entities, handling contribution collection, securities custody, pension payments, loan management, health benefits, and grants.

Products and services

• Jóakim Comprehensive pension fund management software system serving Icelandic pension funds, labor unions, and financial institutions. Handles core operations including contribution collection, securities custody, pension disbursements, loan management, benefits processing, and member administration. The system is hosted in certified dual-redundancy data center environments.
• Þjónustugátt RL (RL Service Portal) Self-service customer web portal where RL customers can submit service requests, access requests, and monitor the status of their tickets while in progress. Accessible via the RL website with email and password authentication.

Quantifiable outcome

• Over 16% annual savings passed to customers through usage fee waivers
• +2 more outcomes

Named customers11 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability2 records

Feature6 records

Partnerships

Eight partnerships are on record, tiered core and strategic.

• SensacoreTechnology or IntegrationSensa is the hosting provider for Jóakim systems. RL operates Jóakim in a dual redundancy environment at Sensa data centers. Sensa moved one data center from Reykjavik to Akureyri, providing RL with disaster recovery capabilities in different geographic locations.
• Tryggingastofnun (Social Insurance Administration)coreTechnology or IntegrationRL participated in the 'Straumurinn' project - an X-road based technical connection between the Social Insurance Administration and pension fund rights systems. RL handles hosting and operation of equipment for secure communications between Tryggingastofnun and pension funds in the Jóakim system.
• APRÓstrategicTechnology or IntegrationRL signed an agreement with APRÓ for access to their AI platform. This is a customized service with data security and practical approach as priorities. RL is using AI for software development and exploring use in service desk applications.
• SyndiscoreTechnology or IntegrationRL recently signed an agreement with Syndis for SOC (Security Operations Center) services providing 24/7 security monitoring of RL's information systems, solutions, and infrastructure with real-time incident detection and response.
• AftracoreTechnology or IntegrationRL signed an agreement with Aftra for services focused on defending the external boundaries of RL's systems (attack surface). The service includes various components to identify issues and enhance overall system security.
• HugsmiðjanstrategicStrategic or Co-development PartnerRL is collaborating with Hugsmiðjan on redesigning the Jóakim user interface. The partnership focuses on comprehensive UI/UX overhaul of the system in phases, starting with the first screen, menu, and navigation system.
• Landssamtök lífeyrissjóða (LL)strategicStrategic or Co-development PartnerRL actively participates in a project by the National Association of Pension Funds regarding statement specifications. The project involves review and update of the standard for statements and subsequent update of the central solution that the system is based on.
• Deloitte IcelandcoreImplementation/ SI/ Consulting PartnerRL has an annual agreement with Deloitte for ISAE 3402 Type 2 audits. Deloitte conducts annual audits of controls covering operations, development, and services related to the Jóakim system.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Others

• Temenos: Temenos provides core banking and financial services software globally, including capabilities relevant to pension and wealth platforms. Not a direct competitor to RL today, but represents the broader class of large-scale financial-services software platforms that anchor similar regulated workloads.

Direct peers

• Profile Software: Profile Software provides mission-critical software solutions for the banking, insurance, and pension fund sectors, including the Axia pension/wealth platform. Directly comparable to RL's Jóakim in both functional scope (contributions, member rights, payments, securities) and target customer base of pension funds.
• Bravura Solutions: Bravura Solutions provides end-to-end administration and management software for pension, wealth, and life insurance businesses across multiple geographies. Directly comparable to RL because it serves the same function — core operating systems for pension fund administration — but at global scale versus RL's Icelandic-only footprint.
• Capita (Pension Solutions): Capita's Pension Solutions business delivers administration platforms and BPO services to UK and European pension schemes. Comparable to RL as a provider of pension fund administration technology, though Capita combines software with large-scale BPO operations that RL does not.
• FNZ: FNZ is a global wealth and pension technology platform that provides record-keeping, administration, and digital services to financial institutions. Comparable to RL because it offers an integrated technology stack for pension/retirement administration, but at significantly larger scale and across many more markets.

Broad incumbents

• Visma: Visma is a major Nordic provider of business software and SaaS, including HR, payroll, and ERP products used across the Nordics. A broad incumbent in the same geographic and customer ecosystem as RL, with overlapping HR/payroll-adjacent capabilities that compete for the same Icelandic CIO budget.
• SS&C Technologies: SS&C provides a broad suite of software and services to asset managers, banks, and insurance/pension administrators, including retirement plan administration platforms. A broad incumbent versus RL's narrow specialization, but functionally comparable at the platform layer.
• SEI Investments (SEI Wealth & Investment Tech): SEI provides technology and operations platforms to wealth managers, investment advisors, and pension/retirement plan administrators globally. Comparable to RL in the retirement administration technology layer, but operates as a broad incumbent serving many financial-services verticals.
• Civica: Civica provides specialized software for the public sector and regulated industries, including pension and benefits administration modules. Broader incumbent than RL because its portfolio spans many vertical applications, but its pension/benefits modules are functionally comparable to parts of the Jóakim stack.
• Tietoevry: Tietoevry is a large Nordic IT services and software company serving financial services, public sector, and other industries. Comparable to RL as a Nordic-headquartered technology provider to financial institutions, but with a much broader portfolio and deeper delivery capability.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Reiknistofa Lifeyrissjoda