Fintech and open banking
We are where you are. The future of banking is providing solutions that suit you. If you want to become involved in developing fintech solutions based on an open banking system, then you are in the right place.
What is open banking?
An open bank is when service providers are given access to bank information.
Most Icelanders know Meniga, where customers can give access to their bank data. Íslandsbanki's corporate customers have used open banking services for years through the accounting system. The relationship between customer, service provider and the bank must be based on trust. We provide safe and secure communication methods and customer information can only be accessed with authentication and informed consent.
Open web services
We offer web services that show information on all our products as well as interest rates and price lists.
You can see currency exchange rates and verify the existence of a bank account. More web services are expected during the year. Sign up here to receive regular news about the development of open web services at Íslandsbanki. (Sign up format is in Icelandic)
The Payment Services Directive-PSD2
The new law on payment services came into effect in Europe in 2018.
The Revised Payment Services Directive (PSD2) has been developed to support innovation, increase competition, improve consumer protection and reinforce payment security to facilitate new payment methods. Banks will become obligated to give third parties, registered with the Financial Supervisory Authority and similar institutions in Europe, authorised access to customer data. These third parties will be able to initiate payments and provide account related services. The PSD2 will be implemented in Iceland in 2021 and take effect at the beginning of 2022.
Information
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