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User Interactions With Banks in Iceland Revamped Through Landsbankinn Use of Open Banking

Landsbankinn, the Icelandic bank, is offering its customers payment initiation services (PIS) and aggregation services (AIS), capitalising on open banking’s capabilities. 

Powered by Meniga, the global digital banking solutions provider, the Landsbankinn solution creates unique customer experiences and interactions with their banks.

Lilja Björk Einarsdóttir, CEO of Landsbankinn, comments: “We are excited to offer our customers these innovative services. They 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 modernisation 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.”

The 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 manage their entire financial ecosystem in one place, streamlining the banking and user experience.

Furthermore, the payment initiation service offered by Landsbankinn permits customers to initiate seamless transfers and payments between accounts at other Icelandic banks directly from the Landsbankinn app. This service ensures safe and efficient money transfers. In turn, this enhances 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 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.

Broadening Meniga’s horizons

Meniga, the driving force behind this transformative leap in Icelandic banking, has established AIS and PIS as core products within its product portfolio. With this milestone, Meniga is poised to broaden its global reach, supporting banks, financial institutions, and fintechs worldwide in offering such services to their own customers. The company’s mission is to empower financial institutions of all sizes with the tools to provide a seamless and interconnected financial experience, making banking more intuitive and customer-centric. At a time of tough global economic conditions, Meniga‘s mission to help customers lead better and more sustainable financial lives is a welcomed one.

Raj Soni, CEO at Meniga, comments: “Meniga has a mission to help banks utilise all aspects of open banking and 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.

“It 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.”

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