Klarna Kosma Launches Open Banking Initiative Backed by Huge Community of Banks


Klarna Kosma establishes an open banking autopilot initiative to speed up open banking adoption and innovation. 

The initiative introduced by the fintech arm of Klarna seeks to help startups in creating proofs of ideas (POC) within the e-commerce, information analytics and fintech house.

It comes as a welcomed drive within the growth of open banking use instances and can equip corporations with entry to a product growth sandbox. Zero-cost, the sandbox will interact innovators with the Klarna Kosma open banking platform.

The initiative will see a choose variety of start-ups and established corporations work with merchandise on its platform and entry a banking community for 3 months, freed from cost.

The provide limits qualifying corporations to a most of 300 transactions or MAUs per thirty days. Taking part corporations are to have their use instances validated by a Klarna consultant.

Klarna Kosma connects monetary establishments, fintechs and retailers to a community of banks spanning 27 nations by way of a single API.

Since its launch in April of this yr, the platform has greater than doubled the variety of related banks, and trebled the transactions processed on the platform.

Wilko Klaassen, VP Open Banking at Klarna
Wilko Klaassen, VP of open banking, Klarna

Discussing the launch of the initiative Klarna’s VP of open banking, Wilko Klaassen says open banking was launched to “wrest management of client information away from the massive banks” and “make it securely obtainable to drive innovation.”

“With that information accessible by way of easy APIs, with customers’ permissions, a complete new vista of potential use instances has opened up,” he continues.

“The initiative we’re launching at this time goals so as to add rocket gas to the innovation course of.”

As its newest enterprise unit, Klarna Kosma harnesses the expansion Klarna has seen on this space, having greater than doubled the variety of related banks prior to now yr.

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