- Iceland-based Landsbankinn has selected Meniga to help it offer open banking amenities to its customers.
- With Meniga’s help, the bank will offer both Payment Initiation Services and an Aggregation Service.
- Meniga is calling the offerings a “breakthrough” when it comes to open banking developments in Iceland.
Iceland’s largest bank, Landsbankinn, is embracing open banking in its newest partnership with Meniga. The bank has tapped the digital banking platform to offer Payment Initiation Services (PIS) and an Aggregation Service (AIS).
The PIS will help the bank’s customers initiate funds transfers to other Icelandic banks without having to leave the Landsbankinn app. With the AIS, customers can use the bank’s app to see an aggregated view of their accounts across other banks in Iceland. Since the AIS places all of a customer’s financial information in one location, it makes it easier for them to manage their finances.
“By collaborating with Meniga, we are not only simplifying and enhancing the banking experience for our customers but also contributing to the modernization of banking in Iceland,” said Landsbankinn CEO Lilja Björk Einarsdóttir. “The launch of PSD2/Open Banking services reinforces our commitment to delivering the best financial solutions and options to our customers.”
Introducing Icelandic citizens to open banking seems like a big step for such a small nation. However, Iceland has a leg up over other regions because of its small size. The country has only three commercial bank and one investment bank, making it easier for all banks to agree on a communication protocol.
Meniga notes Landsbankinn’s offerings as a “breakthrough” when it comes to open banking developments in Iceland. Björk Einarsdóttir agrees. “We are excited to offer our customers these innovative services, which mark a pivotal moment in the Icelandic banking industry,” she said.
London-based Meniga, which was originally headquartered in Iceland, said that the partnership broadens its global reach. The fintech was founded in 2009 and powers banking apps for more than 165 banks across the globe, reaching more than 90 million people in 30+ countries. Among Meniga’s other offerings are tools such as data management, PFM, and cashflow analysis; as well as cashback rewards, carbon footprint tracking, and market insights.
Meniga’s current CEO Raj Soni took the reins from Simon Shorthose last year. Shorthose was brought in in August of 2022 to replace Co-founder Georg Ludviksson, who had served as CEO for 14 years.