Landsbankinn’s app can now be used to link to other banks and make transfers from bank accounts there. Customers who own bank accounts with multiple banks no longer need to log in to other banking apps because they can both view and transfer from their accounts directly through Landsbankinn’s app.
Lilja Björk Einarsdóttir, CEO of Landsbankinn: “Our customers are very happy with Landsbankinn’s app and its development has been rapid. Being able to use Landsbankinn’s app to view the balance and transfer from accounts with other banks simplifies and facilitates both personal and joint finances. This service, which is only available in Landsbankinn’s app, is an important technological milestone and we most certainly plan to remain a leader in fintech in Iceland.”
Customer approval required for link
New legislation on payment service (PSD2) requires financial undertakings to give licensed service providers access to their customers’ payment accounts. Access is always conditional on customer approval.
Customers can currently transfer from accounts with Arion Bank and Íslandsbanki, and Kvika Bank will join in the next couple of days. Other financial undertakings will be added to the list of available links as and when they offer this option.
Available to both retail and corporate customers
This new feature is available to both retail and corporate customers, and the service is based on a solution from Meniga that uses API to link payment accounts in different banks. The Canadian fintech company Salt Edge provides the service that allows other banks and financial undertakings to link to Landsbankinn.
Further information on how to link to other banks has been posted to our website.