Icelandic bank Landsbankinn has selected open banking solutions provider Salt Edge to comply with the country’s law on PSD2 legislation.

The new legislation entered into force at the beginning of this month and will take full effect on 1 May 2022.

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The Act on Payment Services, which transposes the European PSD2 into Icelandic law, will allow banks and fintechs to access customers’ and business’ bank accounts to offer banking data-related services.

Through the tie-up, Landsbankinn will use Salt Edge’s PSD2 Compliance Solution.

As per the Act’s provisions, the lender has opened a sandbox operated by Slat Edge to allow other firms operating in the sector to test the functionality of bank systems in a controlled environment.

Landsbankinn IT managing director Arinbjörn Ólafsson said: “The Act enhances competition and consumer protection in financial markets and supports innovation in the payment market. Our collaboration with Salt Edge gives us access to international expertise that in turn enables us to enhance our robust and agile customer service. We aim to harness technology to make finances smarter and more approachable, as always placing customer satisfaction first.”

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Salt Edge country manager Andrei Scutari said: “As a pioneer in open banking, Salt Edge is thrilled to assist Landsbankinn on its way to becoming one of the open banking trailblazers in Iceland.

“Landsbankinn, an ever-smarter bank, will continue to change and develop in harmony with the community it serves, and Salt Edge is honoured to be a part of such an important milestone.”