Klarna launches new Klarna Kosma division for its open banking platform

  • “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.
  • Klarna is better known for its “buy now, pay later” products. In some countries, Klarna lets customers connect to their bank account to give spending insights and establish a sort of credit score before letting customers buy something in multiple installments. With today’s move, Klarna is opening up its in-house product to other customers.
  • In addition to Account Information Service (AIS), Klarna Kosma customers can also programmatically initiate payments with compatible banks. That has always been the long-term promise of open banking. If payment initiation takes off, it could replace card payments or e-wallets like PayPal. We’re not there yet, but Klarna definitely wants to have a product ready if we get there.”