Kosma helps financial institutions, FinTechs and merchants build FinTech apps and services
Klarna recently rolled out the Klarna Kosma sub-brand and business unit that’s geared toward open banking. Kosma helps financial institutions, FinTechs and merchants build FinTech apps and services through access to 15,000 banks in 24 countries using a single API, the press release says. Klarna has more than doubled the number of connected banks in its network in the past year. Kosma processes almost 1 billion information requests to bank accounts each year.
“With Kosma, we are opening up the power of our proprietary open banking platform and technology to banks, merchants and FinTechs who share our dream of a world where consumers own their data and banks compete for customers by delivering value, not by locking in data,” said Yaron Shaer, CTO, Klarna.
Klarna uses open banking to power its Account Insight Services (AIS), which provides spending insights to millions of shoppers in the Klarna shopping app and provides additional, real-time data.
Recently, Klarna and the online marketplace eBay joined forces to offer German shoppers more flexible payment options. The new payment options being added to eBay’s German site will supplement existing payment methods like Klarna’s Pay Now service. The new features let customers access “Pay Later” and “Financing,” giving them multiple options with each purchase.