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November 30, 2023
Finance Technologies

Klarna’s new platform connects fintechs and 4,300 banks

Payment provider Klarna has launched an Open Banking Platform that will offer access to more than 4,300 European banks through a single API, reports Jane Connolly.

The open banking platform has launched

The platform will give banks and fintechs the opportunity to access 99% of online banking customers across 14 European markets, through a single Access to Account (XS2A) API in line with the Payment Services Directive (PSD2).

Klarna’s XS2A API has been developed at scale across markets for almost 15 years through the Klarna Group company, Sofort.

The firm says that through its platform, banks and businesses will be able to develop new offerings to help consumers get an overview of and engage with their finances – while a “developer-friendly infrastructure” will reduce time to market and development costs.

“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,” says Koen Köppen, chief technology officer at Klarna. “We look forward to seeing all the new solutions and products that will grow out of this, creating a consumer centric financial services industry in Europe.”

The Open Banking Platform will offer a combination of both account information services (AIS) providing consolidated information on payment accounts, and payment initiation services (PIS), enabling account to account direct bank transfers as licensed under PSD2.

Klarna’s new platform connects fintechs and 4,300 banks
Klarna’s new platform connects fintechs and 4,300 banks

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