Icelandic neobank indó partners with Enfuce

Tuesday 16 June 2020 09:42 CET | News

indó, Iceland’s challenger bank, has selected Enfuce, Finland’s fintech startup, as its partner for payments, open banking and sustainability services. 

The collaboration assists indó in its announced plans to introduce the first new bank in Iceland in decades, by leveraging Enfuce’s industry and compliance expertise.

Founded in 2018, indó aims to reinvent banking with a transparent neobanking service. Once its pending banking license is approved, indó will launch a card-linked app and current account with market-beating interest rates. The company operates a ‘narrow banking’ model whereby deposits are deposited with the local central bank, aimed at ensuring a transparent banking service.

Joining forces with Enfuce, indó is equipped with the know-how necessary to operate compliant banking services at scale. Enfuce’s service contains the capabilities for implementing data-driven features in the indó app, set for launch later in 2020.

The key pillars of Enfuce’s offering – Payments Services, Open Banking and My Carbon Action – will underpin various elements of the indó user experience. Using Enfuce’s payments platform, indó can monitor card payments and seamlessly control in-app features. The open banking solution allows indó to buildmoney management services using a single, PSD2-compliant access point to Europe’s financial data. 

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Keywords: neobank, Indó, Enfuce, payments , Open Banking, compliance, data, banking
Categories: Banking & Fintech
Countries: Iceland
This article is part of category

Banking & Fintech