The new Act on Payment Services, which transposes the European PSD2 into Icelandic law, entered into force on 1 November 2021, and will take full effect on 1 May 2022. Once the regulation accompanying the Act is fully implemented, banks and fintechs will get authorised access to customer and business bank accounts to initiate payments and provide banking data-related services. Leveraging Salt Edge’s PSD2 Compliance Solution, Landsbankinn will offer its customers the possibility to view their bank accounts in apps and websites external to the bank and use these services to make transfers from their accounts.
Landsbankinn has chosen to work with Salt Edge to comply with the Act on Payment Services. The Act enhances competition and consumer protection in financial markets and supports innovation in the payment market. The bank’s collaboration with Salt Edge gives it access to international expertise that in turn enables it to improve its customer service.
Following the provisions of the Act, Landsbankinn has opened a sandbox, or development environment, hosted and operated by Salt Edge, allowing fintechs and other companies in the sector to explore the functionality of various bank systems and to develop innovative fintech solutions. The sandbox allows developers to retrieve account information and transaction statements, test domestic and cross-border transfers, and more.
Find more about Salt Edge from our company database, here.
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