Landsbankinn Selects Meniga to Carry Open Banking Capabilities to Iceland

Iceland-based Landsbankinn has chosen Meniga to assist it provide open banking facilities to its clients.
With Meniga’s assist, the financial institution will provide each Fee Initiation Providers and an Aggregation Service.
Meniga is asking the choices a “breakthrough” with regards to open banking developments in Iceland.

Iceland’s largest financial institution, Landsbankinn, is embracing open banking in its latest partnership with Meniga. The financial institution has tapped the digital banking platform to supply Fee Initiation Providers (PIS) and an Aggregation Service (AIS).

The PIS will assist the financial institution’s clients provoke funds transfers to different Icelandic banks with out having to go away the Landsbankinn app. With the AIS, clients can use the financial institution’s app to see an aggregated view of their accounts throughout different banks in Iceland. Because the AIS locations all of a buyer’s monetary data in a single location, it makes it simpler for them to handle their funds.

“By collaborating with Meniga, we aren’t solely simplifying and enhancing the banking expertise for our clients but in addition contributing to the modernization of banking in Iceland,” stated Landsbankinn CEO Lilja Björk Einarsdóttir. “The launch of PSD2/Open Banking companies reinforces our dedication to delivering the very best monetary options and choices to our clients.”

Introducing Icelandic residents to open banking looks as if an enormous step for such a small nation. Nevertheless, Iceland has a leg up over different areas due to its small measurement. The nation has solely three industrial financial institution and one funding financial institution, making it simpler for all banks to agree on a communication protocol.

Meniga notes Landsbankinn’s choices as a “breakthrough” with regards to open banking developments in Iceland. Björk Einarsdóttir agrees. “We’re excited to supply our clients these revolutionary companies, which mark a pivotal second within the Icelandic banking business,” she stated.

London-based Meniga, which was initially headquartered in Iceland, stated that the partnership broadens its world attain. The fintech was based in 2009 and powers banking apps for greater than 165 banks throughout the globe, reaching greater than 90 million individuals in 30+ international locations. Amongst Meniga’s different choices are instruments equivalent to knowledge administration, PFM, and cashflow evaluation; in addition to cashback rewards, carbon footprint monitoring, and market insights.

Final yr, Meniga appointed Simon Shorthose as CEO. Shorthose changed Co-founder Georg Ludviksson, who served as CEO for 14 years.

Picture by Tomáš Malík