One of Iceland’s largest banks, Landsbankinn, announces it is applying Open Banking innovation by becoming one of the first banks in Iceland to offer its customers Payment Initiation Services (PIS) and Aggregation Services (AS). The solution is powered by Meniga, a provider of digital banking solutions worldwide, augmenting customer experiences and the way users interact with their bank.
Landsbankinn's Aggregation Service offers customers a unified view of their accounts across other major banks in Iceland, seamlessly within the Landsbankinn app. This innovation enables customers to seamlessly manage their entire financial ecosystem in one place, streamlining the banking and user experience.
Furthermore, the Payment Initiation Service offered by Landsbankinn, allows 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, enhancing the convenience and accessibility of banking for the bank’s 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.
Officials from Meniga said they have 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 and is an example for all banks worldwide on how to use Open Banking towards customer-centricity.
Also commenting on this partnership, Landsbankinn’s executives stated that they are happy to offer their customers these transformative services for the Icelandic banking ecosystem. By collaborating with Meniga, they are not only simplifying and enhancing the banking experience for their customers, but also contributing to the modernisation of banking in Iceland. The launch of PSD2/Open Banking services reinforces their commitment to delivering augmented financial solutions and options to their customers.
Meniga, the driving force behind this transformative leap in Icelandic banking, has established AIS and PIS as core products within its extensive 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.
Meniga is a player in digital banking technology, serving 170+ financial institutions across over 30 countries worldwide. With a mission to make banking more personal, Meniga enables banks and financial institutions to better engage with their customers by providing data-driven digital banking solutions that improve financial well-being and inspire positive money management.
Landsbankinn is one of the largest banks in Iceland and has been serving the Icelandic public for over a century, with over 40% of the market share in the region. The bank provides a wide range of financial services to individuals and businesses, with a strong focus on digital innovation and customer satisfaction.
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