Iceland’s Landsbankinn launches PIS and AIS services with Meniga

By Gloria Methri

Landsbankinn has joined forces with digital banking solutions provider Meniga to bring Payment Initiation Services (PIS) and Aggregation Services (AIS) to its customers in Iceland.

Landsbankinn’s Aggregation Service allows its customers to access a view of their accounts across other major banks in Iceland, seamlessly within its banking app. This innovation allows customers to manage their entire financial ecosystem in one place, streamlining the banking and user experience.

Furthermore, the Payment Initiation Service permits customers to initiate transfers and payments between accounts at other Icelandic banks directly from the Landsbankinn app.

By embracing Aggregation and Payment Initiation, Landsbankinn said it is leading the charge in delivering an enhanced and interconnected banking experience for the Icelandic population.

Raj Soni, CEO at Meniga said, “Meniga has a mission to help banks utilise all aspects of Open Banking and Open Finance where Payments remain a core part of the value proposition. Landsbankinn’s decision to embrace Payment Services underscores the forward-thinking nature of the Icelandic banking sector and is an example for all banks worldwide on how best to use Open Banking towards customer-centricity. This partnership exemplifies the spirit of collaboration, innovation, and Landsbankinn‘s longstanding trust in Meniga.”

Lilja Björk Einarsdóttir, CEO of Landsbankinn said, “We are excited to offer our customers these innovative services, which mark a pivotal moment in the Icelandic banking industry. 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. The launch of PSD2/Open Banking services reinforces our commitment to delivering the best financial solutions and options to our customers.”

Meniga has established AIS and PIS as core products within its extensive product portfolio. With this offering, the company is poised to broaden its global reach, supporting banks, financial institutions, and FinTech worldwide.