Iceland’s Landsbankinn and Meniga Transform Payments Landscape Through Open Banking Servicesby Fintechnews Nordics November 13, 2023
Iceland’s largest bank Landsbankinn announced it is leading the way in Open Banking innovation by becoming the first bank in Iceland to offer its customers Payment Initiation Services (PIS) and Aggregation Services (AIS).
The solution is powered by Meniga, a leading provider of digital banking solutions, paving the way for unique customer experiences and changing the way users can interact with their bank. This new solution will have a significant impact on the financial services landscape in the region.
Landsbankinn’s Aggregation Service allows its customers to access a view of their accounts across other major banks in Iceland, seamlessly within the Landsbankinn app. This innovation empowers customers with the ability to effortlessly manage their entire financial ecosystem in one place, streamlining the banking & user experience.
Furthermore, the Payment Initiation Service offered by Landsbankinn, permits customers to initiate seamless transfers & payments between accounts at other Icelandic banks directly from the Landsbankinn app. This service ensures safe and efficient money transfers, enhancing the convenience and accessibility of banking for Landsbankinn’s valued customers.
This signifies a significant breakthrough in the realm of open banking within Iceland. By embracing Aggregation and Payment Initiation, Landsbankinn is leading the charge in delivering an enhanced and interconnected banking experience for the Icelandic population. This development sets a new standard for the Icelandic banking industry, enabling increased competition, innovation, and customer choice.
Raj Soni, CEO at Meniga, comments:
“Meniga has a mission to help banks utilise all aspects of Open Banking & Open Finance where Payments remain a core part of the value proposition. Landsbankinn’s decision to embrace Payment Services underscores the forward-thinking nature of the Icelandic banking sector and is an example for all banks worldwide on how best to use Open Banking towards customer-centricity. This partnership exemplifies the spirit of collaboration, innovation, and Landsbankinn‘s longstanding trust in Meniga.”
Lilja Björk Einarsdóttir, CEO of Landsbankinn, comments:
“We are excited to offer our customers these innovative services, which mark a pivotal moment in the Icelandic banking industry. By collaborating with Meniga, we are not only simplifying and enhancing the banking experience for our customers but also contributing to the modernization of banking in Iceland. The launch of PSD2/Open Banking services reinforces our commitment to delivering the best financial solutions and options to our customers.”