Financial Management Authority
The first solution meets the requirements for electronic data submission for government payment cards
22nd October 2026
Kardio is the first of three fintech companies to complete the second phase of the Icelandic Financial Management Authority’s (FMA) public innovation project on electronic data submission for purchasing and corporate cards.
The solution now meets FMA‘s specified requirements. Development and testing of the other two companies’ solutions are continuing.
The project aims to simplify the settlement and posting of card transactions in Orri, improve data quality, and reduce manual work and paper use. It is a development and testing platform, not a procurement process. Each institution assesses which solution best meets its needs and conducts its procurement in accordance with the applicable procurement rules.
See https://island.is/en/p/innovation_formum/fintech-solutions-for-government-procurement-cards