Europe's Klarna app launches its first open banking platform

Today (March 28), payment provider Klarna has launched its own open banking platform.

This platform will enable access to more than 4,300 European banks, and provides a proven infrastructure, superior market coverage and connectivity, with access to 99 per cent of online banking consumers currently across 14 European markets.

By opening up its own technology and capabilities, Klarna is supposedly 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.

Koen Köppen, chief technology officer at Klarna, said: “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.

“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.”

With Klarna’s platform, other fintechs, banks and businesses could develop offerings to enable consumers to have a complete overview of their financial lives and help people understand and engage with their finances better.

Klarna’s open banking platform is said to offer a combination of both account information services (AIS) providing information on payment accounts, and payment initiation services (PIS) enabling account to account direct bank transfers as licensed under PSD2.

George Parks Davie, manager of the open banking platform at Klarna, added: “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.”