(window.webpackJsonp=window.webpackJsonp||[]).push([[40],{344:function(n,a,e){"use strict";e.r(a);var t=e(10),s=Object(t.a)({},(function(){var n=this,a=n._self._c;return a("ContentSlotsDistributor",{attrs:{"slot-key":n.$parent.slotKey}},[a("h1",[n._v("Open Banking Specifics in Iceland")]),n._v(" "),a("h2",{attrs:{id:"authentication-flows-and-sca"}},[a("a",{staticClass:"header-anchor",attrs:{href:"#authentication-flows-and-sca"}},[n._v("#")]),n._v(" Authentication flows and SCA")]),n._v(" "),a("p",[n._v("Icelandic banks rely almost exclusively on "),a("strong",[n._v("redirect")]),n._v(" authentication flows. The primary\nauthentication mechanisms used by banks are the\n"),a("a",{attrs:{href:"https://island.is/en/electronic-id",target:"_blank",rel:"noopener noreferrer"}},[n._v("national electronic identity"),a("OutboundLink")],1),n._v(" schemes: SIM-based electronic ID\n("),a("a",{attrs:{href:"https://island.is/en/electronic-id/electronic-id-by-phone",target:"_blank",rel:"noopener noreferrer"}},[n._v("Rafræn skilríki á farsíma"),a("OutboundLink")],1),n._v(") and the\n"),a("strong",[n._v("Auðkenni")]),n._v(" app. In the first scheme users enter their phone number and approve\nauthentication using PIN-code recognised by the SIM-card in their phone. In the second scheme users\nenter their "),a("strong",[n._v("kennitala")]),n._v(" (national ID) and then approve the SCA request in the "),a("strong",[n._v("Auðkenni")]),n._v(" app on\ntheir smartphone. Other SCA methods vary from bank to bank.")]),n._v(" "),a("h2",{attrs:{id:"major-banks-aspsps"}},[a("a",{staticClass:"header-anchor",attrs:{href:"#major-banks-aspsps"}},[n._v("#")]),n._v(" Major Banks (ASPSPs)")]),n._v(" "),a("p",[n._v("The most widely used Icelandic ASPSPs, in order of significance, are:")]),n._v(" "),a("ul",[a("li",[a("a",{attrs:{href:"#arion-bank"}},[n._v("Arion Bank")])]),n._v(" "),a("li",[a("a",{attrs:{href:"#islandsbanki"}},[n._v("Islandsbanki")])]),n._v(" "),a("li",[a("a",{attrs:{href:"#landsbankinn"}},[n._v("Landsbankinn")])]),n._v(" "),a("li",[a("a",{attrs:{href:"#kvika-bank"}},[n._v("Kvika Bank")])]),n._v(" "),a("li",[a("a",{attrs:{href:"#indo"}},[n._v("indó")])])]),n._v(" "),a("p",[n._v("A full list of Icelandic banks (as per EBA) is available "),a("a",{attrs:{href:"https://enablebanking.com/open-banking-apis?country=IS",target:"_blank",rel:"noopener noreferrer"}},[n._v("here"),a("OutboundLink")],1),n._v(".")]),n._v(" "),a("h2",{attrs:{id:"regulatory-specifics"}},[a("a",{staticClass:"header-anchor",attrs:{href:"#regulatory-specifics"}},[n._v("#")]),n._v(" Regulatory Specifics")]),n._v(" "),a("p",[n._v("PSD2 was transposed into Icelandic law and became fully effective on "),a("strong",[n._v("1 May 2022")]),n._v(", imposing the\nsame open banking obligations on Icelandic banks as in the EU.")]),n._v(" "),a("h2",{attrs:{id:"payment-specifics"}},[a("a",{staticClass:"header-anchor",attrs:{href:"#payment-specifics"}},[n._v("#")]),n._v(" Payment Specifics")]),n._v(" "),a("h3",{attrs:{id:"domestic-payments"}},[a("a",{staticClass:"header-anchor",attrs:{href:"#domestic-payments"}},[n._v("#")]),n._v(" Domestic payments")]),n._v(" "),a("p",[n._v("Domestic credit transfers settle in "),a("strong",[n._v("Icelandic króna (ISK)")]),n._v(". The Central Bank’s instant‑payment\nlayer, "),a("strong",[n._v("MBK‑Inst")]),n._v(", is available "),a("strong",[n._v("24 / 7 / 365")]),n._v(" for payments below 10 million ISK; larger\npayments clear in the RTGS component "),a("strong",[n._v("MBK‑RTGS")]),n._v(".")]),n._v(" "),a("h3",{attrs:{id:"sepa-payments"}},[a("a",{staticClass:"header-anchor",attrs:{href:"#sepa-payments"}},[n._v("#")]),n._v(" SEPA payments")]),n._v(" "),a("p",[n._v("Iceland belongs to the "),a("strong",[n._v("SEPA")]),n._v(" area, and Icelandic banks expose "),a("strong",[n._v("SEPA Credit Transfer (SCT)")]),n._v("\nfunctionality in "),a("strong",[n._v("EUR")]),n._v(" via their PSD2 APIs. "),a("strong",[n._v("Instant SEPA Credit Transfer (SCT Inst)")]),n._v(" is\ngenerally "),a("strong",[n._v("not")]),n._v(" available via current Icelandic APIs. Some banks require customers to enable\nforeign payments before a TPP can initiate SEPA Credit Transfers.")]),n._v(" "),a("h2",{attrs:{id:"specifics-per-aspsp"}},[a("a",{staticClass:"header-anchor",attrs:{href:"#specifics-per-aspsp"}},[n._v("#")]),n._v(" Specifics per ASPSP")]),n._v(" "),a("h3",{attrs:{id:"arion-bank"}},[a("a",{staticClass:"header-anchor",attrs:{href:"#arion-bank"}},[n._v("#")]),n._v(" Arion Bank")]),n._v(" "),a("p",[n._v("Arion Bank uses a "),a("strong",[n._v("redirect")]),n._v(" authentication flow. When initiating authorisation of access to\naccount information or a payment TPPs must provide end-user's ID. Up on redirect to the bank's\nauthentication web page users have to choose between "),a("strong",[n._v("Auðkenni")]),n._v(" app, phone login and card login.")]),n._v(" "),a("h3",{attrs:{id:"indo"}},[a("a",{staticClass:"header-anchor",attrs:{href:"#indo"}},[n._v("#")]),n._v(" indó")]),n._v(" "),a("p",[n._v("indó, Iceland's fully digital challenger bank, does not provide PSD2-compliant open banking API.")]),n._v(" "),a("h3",{attrs:{id:"islandsbanki"}},[a("a",{staticClass:"header-anchor",attrs:{href:"#islandsbanki"}},[n._v("#")]),n._v(" Íslandsbanki")]),n._v(" "),a("p",[n._v("Íslandsbanki exposes open banking API, which used redirect authentication flow. After redirect to\nthe bank's open baking authentication web page, users have to choose between SIM-based electronic ID\n(the default option requiring input of the user's phone numbers) and Auðkenni app.")]),n._v(" "),a("h3",{attrs:{id:"kvika-bank"}},[a("a",{staticClass:"header-anchor",attrs:{href:"#kvika-bank"}},[n._v("#")]),n._v(" Kvika Bank")]),n._v(" "),a("p",[n._v("Kvika's open banking interface provides "),a("strong",[n._v("redirect")]),n._v(" authentication flow. After redirect to\nthe bank's open baking authentication web page, users have to choose between SIM-based electronic ID\n(the default option requiring input of the user's phone numbers) and Auðkenni app.")]),n._v(" "),a("h3",{attrs:{id:"landsbankinn"}},[a("a",{staticClass:"header-anchor",attrs:{href:"#landsbankinn"}},[n._v("#")]),n._v(" Landsbankinn")]),n._v(" "),a("p",[n._v("In its open banking interface Landsbankinn uses "),a("strong",[n._v("redirect")]),n._v(" authentication flow and supports\nautomatic app switch if "),a("strong",[n._v("Landsbankinn")]),n._v(" app is installed on the device where authentication has\nbeen started.")]),n._v(" "),a("h4",{attrs:{id:"landsbankinn-account-type-coverage"}},[a("a",{staticClass:"header-anchor",attrs:{href:"#landsbankinn-account-type-coverage"}},[n._v("#")]),n._v(" Account Type Coverage")]),n._v(" "),a("p",[n._v("Landsbankinn offers a savings account product called "),a("strong",[n._v("Sparireikningur")]),n._v(" which has specific\nrestrictions that affect its classification under PSD2. Each payment made to a Sparireikningur\naccount is blocked for use for "),a("strong",[n._v("12 months")]),n._v(" from the date the payment was made. During this\n12-month period, the account does not function as a payment account. After the 12-month period\nexpires for a given payment, the payment service user can use those funds for withdrawals,\nincluding transfers to third parties.")]),n._v(" "),a("p",[n._v("Due to these restrictions, Landsbankinn consulted with the Central Bank of Iceland (the FSA in\nIceland) regarding the classification of Sparireikningur accounts. The FSA confirmed Landsbankinn's\nview that an account with such restrictions cannot be defined as a payment account under PSD2.\nTherefore, "),a("strong",[n._v("Sparireikningur accounts are not considered payment accounts")]),n._v(" and are not accessible\nvia Landsbankinn's open banking API.")]),n._v(" "),a("h4",{attrs:{id:"landsbankinn-sandbox-availability"}},[a("a",{staticClass:"header-anchor",attrs:{href:"#landsbankinn-sandbox-availability"}},[n._v("#")]),n._v(" Sandbox Availability")]),n._v(" "),a("p",[n._v("Landsbankinn provides a sandbox environment suitable for end-to-end testing including authorisation\nflows, account information retrieval, and initiation of payments.")]),n._v(" "),a("p",[n._v("It is available through the Enable Banking API's sandbox environment. Please refer to the\n"),a("RouterLink",{attrs:{to:"/api/sandbox/#landsbankinn"}},[n._v("Sandbox Credentials")]),n._v(" section for the credentials to be used\nfor authentication in the Landsbankinn sandbox.")],1)])}),[],!1,null,null,null);a.default=s.exports}}]);