Harnessing the power of open banking.
Conor Tiernan, UK & Ireland lead for Klarna Kosma, recently shared some of his thoughts on how open banking is changing the way that online businesses operate.
Open banking is a game-changer for online businesses. With the right solution, you can get better insights into your customers, save money on taking payments and get funds to your bank account sooner.
The potential is clear, but you need to work with the right open banking partner to unlock all the benefits. Klarna Kosma is a market-leader, with unmatched coverage, conversion rates, and a track record of delivery. Our single-API solution is digital-first and can easily be embedded within your app, platform, or website.
Let’s look at why some of these qualities are important.
Why bank connections matter.
Coverage is a crucial factor when choosing an open banking partner because the more banks you’re connected to, the more potential customers you can reach. Working with a local partner for the UK may seem like a great place to start, but if you have ambitions to scale your business it makes sense to team with a partner that can open the door for you and your customers beyond the UK, into Europe, and around the world.
But banking coverage is more than just a numbers game. Open banking might be an open standard, but that doesn’t mean it’s easy to implement. Ensuring reliable connections to thousands of banks worldwide is costly, challenging, and complicated. There are more than 6,000 different banks across the EU alone. Connections to each of these institutions need to be monitored, maintained, and tested, which requires a committed partner with years of experience.
That’s why bank connections matter. Kosma customers’ high conversion rates are a product of many factors, but the quality and quantity of our connections is a key element. They ensure we can deliver a seamless experience.
From connections to insights.
Integrating with banks around the world is just the start. The next step is to unlock extra insights. When your customers connect their bank accounts through our API, you get a clear picture of their spending history that will allow your business to make better-informed decisions. For insurers or lenders, those extra insights enabled by open banking mean you can be confident you’re giving your customers the right credit limit or level of coverage, based on real-time financial data.
Why hire an army of engineers when Klarna Kosma has already done the hard work? We’ve been connecting with banks since 2005. We process hundreds of millions of payments each year over open banking. It’s in our DNA.
On top of that, our intelligence engine turns streams of raw transactions into enriched banking data. From day one, you can start to categorize, generate insights and create reports — all from the same API that also connects you to banks around the world.
Partner with Klarna Kosma.
The ability to embed such a powerful open banking solution quickly and easily opens so many possibilities. To get started, all you need to do is get in touch with Klarna Kosma. Join us, access the world, and gain better insights.
Want to see Conor discussing open banking in person? Check out the video below.