Today, Klarna announced the launch of its own Open Banking Platform.
The platform will allow access to more than 4,300 European banks through a single Access to Account (XS2A) API.
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This is all in line with Payment Services Directive (PSD2). The Klarna Open Banking platform delivers a secure and mature infrastructure. Furthermore, it offers access to 99% of online banking consumers currently across 14 European markets.
In an Open Banking world, open connectivity and transparency is key. By launching their own platform, Klarna is making access to APIs simpler and quicker.
By using Open Banking platforms, banks and fintechs will be able to develop personalised offerings to entice more customers. As the world becomes more digitally connected, consumers need constantly change. To keep up with the pace, the financial sector must embrace the new regulatory landscape.
Chief technology officer at Klarna, Koen Köppen, said: “At Klarna, we have an unparalleled depth of experience and capabilities in XS2A, and for over 15 years, we have succeeded in the midst of huge complexity. Now in the midst of further change and transformation from the PSD2 legislation and steps towards European Open Banking, we can enable other fintechs, banks and others to develop, test and bring new services and products to the market at a faster pace, through our Platform and by integrating with our single API.
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By GlobalData“Our technology allows us to offer an ecosystem of services not only to consumers but also to businesses – whether that’s in retail, financial services or technology. We look forward to seeing all new solutions and products that will grow out of this, creating a consumer centric financial services industry in Europe.”
Klarna Open Banking platform: empowering APIs
High quality APIs will drive innovation across the financial industry. Consumers owning their own data increases the level of personal choice and control.
Better products and services on offer also improves customer satisfaction. Improvements to payment initiation and personal financial tools will support customers to better manage their finances. It will also make them more aware of what is on offer.
Manager of the Open Banking platform at Klarna, George Parks Davie, commented: “We can offer the leading technology, quality, knowledge and market presence to help other players develop even better services and products for their consumers.
“Klarna’s XS2A API opens up a range of opportunities and through developer-friendly infrastructure it also empowers innovators. This is just another way of how Klarna aims to continually enhance the value we offer to consumers, helping them shop, save and manage their money as smoothly as possible.”
