Klarna offers an Open Banking application programming interface (API) with Klarna Kosma. With this move, companies building a financial product and needing to interact with bank accounts have one more option. Klarna Kosma is an API that other companies can integrate in their apps and services. These companies can leverage Klarna’s API to access account statements, initiate payments, fetch banking information, and refresh this data regularly, TechCrunch states.
Better known for its Buy Now, Pay Later products, in some countries, Klarna lets you connect to your bank account to give you spending insights and establish a sort of credit score before letting customers buy something in multiple instalments. With this annoucement, Klarna is opening its in-house product to other customers. Klarna says that it covers 15,000 banks across 24 countries. The API currently mostly focuses on European and American banks so far, but it plans to expand to other markets soon, such as Australia, Canada, and New Zealand, TechCrunch reports.
In addition to Account Information Service (AIS), Klarna Kosma customers can also programmatically initiate payments with compatible banks, TechCrunch concludes.
For more information about Klarna Kosma and the company’s plans for 2022, read this interview.
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