Landsbankinn partners Meniga to launch open banking-powered PIS and AIS services
Landsbankinn, Iceland’s largest bank, has tapped UK-based digital banking tech provider Meniga to power its new open banking services.
Landsbankinn taps Meniga for open banking services
Through the partnership, the bank has launched its Payment Initiation Services (PIS) and Aggregation Services (AIS) offerings to customers.
Landsbankinn says its AIS solution will enable customers to view all of their accounts with other major banks in the country through its app, allowing users to “manage their entire financial ecosystem in one place”.
The bank’s PIS offering meanwhile will allow its customers to transfer money and make payments between these accounts at various different banks.
Landsbankinn claims to be the first bank in Iceland to offer such services and says the rollout marks a “significant breakthrough in the realm of open banking within Iceland” that will enable “increased competition, innovation, and customer choice”.
“By collaborating with Meniga, we are not only simplifying and enhancing the banking experience for our customers, but also contributing to the modernisation of banking in Iceland,” says the bank’s CEO Lilja Björk Einarsdóttir.
Meniga offers a range of digital banking solutions including personal finance management services and personalised engagement technologies and currently claims to serve more than 170 firms across more than 30 countries.
The company’s CEO, Raj Soni, says its mission is to “help banks utilise all aspects of open banking and open finance where payments remain a core part of the value proposition”.
