Iceland’s Landsbankinn, powered by Meniga, brings unique banking experiences through Aggregation and Payment Initiation Services in open banking.
Taking use of the potential of open banking, Iceland’s Landsbankinn is providing its clients with aggregation services (AIS) and payment initiation services (PIS). The Landsbankinn solution, powered by Meniga, a global provider of digital banking solutions, offers distinctive customer experiences and interactions with their banks.
The CEO of Landsbankinn, Lilja Björk Einarsdóttir, says: “We are thrilled to provide our clients with these cutting-edge services. They represent a turning point for the Icelandic financial sector. Together with making banking easier and better for our clients, our partnership with Meniga also helps Iceland’s banking industry get more modern. The introduction of PSD2/open banking services demonstrates our dedication to providing our clients with the greatest financial options and solutions.
Customers of the aggregation service can easily view their accounts at other major Icelandic banks via the Landsbankinn app. This innovation streamlines the banking and user experience by giving customers the option to manage their complete financial environment in one location.
Additionally, users of the Landsbankinn app can start smooth transfers and payments between accounts at other Icelandic banks thanks to the company’s payment initiation service. Safe and effective money transfers are guaranteed by this service. For the cherished clients of Landsbankinn, this improves banking accessibility and ease.
This is an important development in Iceland’s open banking space. Landsbankinn is providing the people of Iceland with a more advanced and integrated banking experience by embracing aggregation and payment initiation. This breakthrough opens up new possibilities for the Icelandic banking sector in terms of competition, innovation, and client choice.
Extending Meniga’s perspectives
Meniga, the engine behind this revolutionary move in Icelandic banking, has made PIS and AIS the cornerstones of its offering. Meniga is ready to expand its global reach with this milestone, assisting banks, financial institutions, and fintechs globally in providing these services to their own clientele. The company’s goal is to equip banks of all sizes with the resources they need to offer a smooth, connected banking experience, increasing customer satisfaction and ease of use. Meniga’s goal of assisting clients in leading better and more sustainable financial lives is a welcome one during these challenging times for the world economy.
Meniga’s CEO, Raj Soni, states: “Meniga’s goal is to assist banks in using all facets of open banking and open finance, with payments continuing to be a vital component of the value proposition. The adoption of payment services by Landsbankinn demonstrates how progressive the Icelandic banking industry is.
It sets a model for leveraging open banking to attain client centricity across all global banks. This relationship is a perfect example of Landsbankinn’s long-standing faith in Meniga as well as the spirit of innovation and teamwork.
