Financial technology and open banking

The future of banking is to be where it suits you. If you want to get involved in building financial technology 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 data at the bank. Companies in business at Íslandsbanki have also enjoyed open banking services for many years through an accounting system. This requires trust between the customer, the service provider and the bank. We ensure the utmost security in all communications and no one can access the information of the bank's customers without giving informed consent.

Opens web services

We offer web services today that show information on all the bank's products as well as interest rates and price lists.

You can also access the exchange rate 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)

PSD2 greiðsluþjónustur

A new law on payment services came into force in Europe at the beginning of 2018.

The law opens up opportunities for financial technology companies to provide access to bank accounts and payments that were previously only available to banks. This law will probably be implemented in Iceland in the year 2021 and will enter into force at the beginning of 2022. Registered parties with the Financial Supervisory Authority and similar institutions in Europe will thus have the opportunity to offer individuals access to accounts and payments by means other than online banking and app its commercial bank. PSD2 is intended to increase payment security, support innovation and ensure the competitiveness of market participants.

Information


For more information, we encourage you to contact us. You can also subscribe to the mailing list and receive regular news.