Klarna, a global payments and shopping service, announced the expansion of its Open Banking system across eight more European countries: Portugal, Denmark, Luxembourg, Ireland, Croatia, Estonia, Lithuania and Latvia.
Klarna provides the largest open banking network in Europe, supporting a total of 24 countries in the continent, with up to 99% and a minimum of 90% bank coverage across markets.
Klarna’s Open Banking solution, which today processes more than 150 million transactions per year, offers third party providers access to consumer bank account data via account information (AIS) and payment initiation (PIS) services in line with payment services directives (PSD2). The secure solution allows consumers, wishing to elevate the potential of their financial data, to better understand and engage with their finances in a more meaningful way.
As part of the latest expansion, Klarna has also introduced account insights, a solution that turns simple bank statements into unique insights through categorization and data enrichment. These insights can enable a variety of use cases, including personalized budget plans, insurance checks, loan applications, credit- and risk-assessments, personal finance management applications and many more.
“Since we launched our Open Banking Offering in March 2019, our growth trajectory has been tremendous,” said Koen Köppen, Klarna’s chief technology officer. That’s why we’re excited to launch in eight more markets today and expand our product offering even further, as we continue to lead Europe’s Open Banking industry, covering more than 6,000 banks across 24 countries. The ability to empower consumers through financial data should not be at the discretion of a single provider but open to many providers so that more solutions can be developed that put the customer at the centre of their personal finances.”
Klarna’s XS2A API has been developed at scale across markets for more than 15 years. The Klarna Open Banking Platform also provides developer-friendly tools and technical solutions to help solve both the compliance and UX aspects of managing credentials and to overall help drive an accelerated time to market for products while minimizing costs and technological investments required, the company said.
