Iceland prepares domestic account-to-account payments

Iceland is preparing domestic account-to-account payments infrastructure that would allow funds to move directly between bank accounts instead of relying on card-based systems.

The initiative remains in preparation. Available information does not confirm a launch date, the organisations that would operate the infrastructure or the services that would be offered to consumers and businesses.

Account-to-account payments are initiated through a bank account and settled directly between the payer’s and recipient’s accounts. In Iceland, domestic infrastructure could support local payment services and reduce reliance on systems operated outside the country.