Open Banking in Iceland

Live (Regulated)

Iceland implements open banking through PSD2 as an EEA member, with Fjármálaeftirlitið oversight and nearly universal internet penetration.

Key Facts

Approach

Regulated

Regulatory Body

Fjármálaeftirlitið (FME / Icelandic FSA)

Key Legislation

PSD2 (EEA adoption)

Topics

Open Banking

Internet Penetration

99%

Data Scope

Payment accounts, Account information, Payment initiation, Confirmation of funds

Timeline

2015PSD2 adopted by the European Parliament and Council

2018PSD2 implemented in Iceland as an EEA member state

Standards & Specifications

Berlin Group NextGenPSD21.3.12

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Open Finance in Iceland

Iceland implements PSD2 as a member of the European Economic Area (EEA), with the Fjármálaeftirlitið (FME) overseeing compliance. Icelandic banks including Landsbankinn, Íslandsbanki, and Arion Bank have implemented open banking APIs following Berlin Group NextGenPSD2 standards.

Iceland has nearly universal internet penetration (99%) and a highly digital society, providing strong foundations for open banking adoption. The banking sector, rebuilt after the 2008 financial crisis, is modern and digitally focused.

While Iceland's small population limits the domestic market size, the country's high digital adoption and progressive regulatory environment support innovative financial services development.

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