Global payments provider Klarna announced on Thursday the launch of its new open banking platform. According to Klarna, the platform will enable access to more than 4,300 European banks through a single Access to Account (XS2A) API in line with Payment Services Directive (PSD2).
Klarna reported that the platform also provides a fully proven and mature infrastructure, superior market coverage, and connectivity, with access to 99% of online banking consumers currently across 14 European markets.
“By opening up its own advanced technology and capabilities, Klarna is simplifying and democratising access to APIs securely. Both established and newer banks and fintechs as well as other licensed businesses, will be able to build smart and personalised offerings that meet the evolving needs of consumers across Europe. Klarna has been one of the leading proponents of the PSD2 legislation and believes high-quality APIs will drive innovation and competition but most importantly will empower consumers across Europe with increased choice, control and clarity on their finances, and ability to access better products.”
While sharing more details about the platform, Koen Köppen, CTO at Klarna, stated:
“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. 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.”
As previously reported, Klarna was founded in 2005 and offers consumers the option to pay now, pay later, or over time through what it believes is a trusted, frictionless and smooth checkout experience.