Klarna
Commonly known as Klarna, Klarna Bank AB is a fintech company born out of Stockholm, Sweden. Founded in 2005 by Niklas Adalberth, Victor Jacobsson and Sebastian Siemiatkowski, the company is a payment service provider. Primarily lending expertise in e-commerce banking solutions, Klarna provides services for businesses and consumers.
The Klarna product range encompasses a broad spectrum of payment processing applications. From online influencer subscriptions to full checkout solutions, Klarna powers millions of payments in a variety of ways. Klarna provides credit cards, browser extensions and a shopping app, through to Pay N Play style casino banking.
Payment Solutions for Every Occasion
Consumer-led payments drive an accommodating range of products designed to make payments fast and simple. Available on iOS and Android devices, or by web browser extension, the Klarna App enables consumers to pay instantly for goods and services globally. Users can also spread the cost with a buy-now-pay-later or split payment arrangement. An intuitive interface enables customers to find special deals and discount codes, check for delivery updates, and more, via exclusive in-app partnerships.
Shoppers can link up with high street giants, designer studios, and a whole host more on the Klarna App. Buyers can pay for holidays, buy food and drink, or order pet supplies from big brand partners like Deliveroo, Calvin Klein, JD Sports, Halfords and prestigious names like Harrods. Furthermore, users can walk through virtual stores or find the latest shopping trends. Perks can be earned at a rewards club, and credit can be powered by a Klarna VISA Card.
Online merchants worldwide use Klarna Checkout as a payment gateway solution. One-click purchases, billing and delivery data, plus instant messaging with all major payment methods accepted combine to offer a simple all-in-one solution for online storefronts. And as a leading provider of open banking, Klarna provides connections to more than 15,000 banks or financial institutions in 24 countries.
Open Banking and Klarna Kosma
Klarna Kosma is a sub-brand and sister company forged in 2022 due to necessary expansion from increased demand and years of platform development. Klarna Kosma was created as a dedicated operation to focus on open banking solutions at the tip of the technological spear.
In a 2022 press release from the Klarna website, CTO, Yaron Shaer said:
“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.”
Vice President, Wilko Klaassen of Klarna Kosma added:
“Over the past year, the demand for Open Banking services from financial institutions and fintech start-ups, has reached a tipping point, which is why we have built a dedicated business unit which brings together engineering, product management, sales and marketing all together in the same team to focus on this $15bn, fast-growing market.”
The Benefits of Kosma Gaming
Klarna cut its open banking teeth on the gaming industry with a product to rival Pay N Play by Trustly. Klarna-powered casinos have become known in some playing circles as a Pay-N-Play-style service, enabling automatic registration, basic player verification, and immediate bank-to-bank transactions across secure connections. Pay N Play casinos are the pinnacle of casino banking operations, and meet a much-sought-after player demand of superfast cashouts.
The evolved brand of Klarna Kosma is your portal to instant payments on the open banking network. The process is handled at each stage by APIs (Application Programming Interface), one powered by Kosma at the checkout or casino cashier, and the other at the designated bank or financial institution. This affords two layers of high-level security that communicate with one another. The Kosma platform communicates with the bank in question, and the payment is processed between the casino and the player.
Along with instant bank transfers, Kosma can check account information before facilitating payment. Payment tracking and reporting, player verification, and account creation are some added benefits over traditional methods. Open banking can assist with operational requirements like casino KYC (Know Your Customer) licencing requirements via automated player verification.
Onboarding players is an automatic and seamless experience. Once enabled, deposits and withdrawals at Kosma casinos are carried out within seconds. Simply deposit and play using your online banking credentials through the Rosma portal. Bank-level security shields sensitive information, which is not shared with Kosma or the casino. Communication works by encrypted notifications in the blink of an eye. Note that while open banking is pacey and efficient, some online casinos may employ a checking procedure before authorizing a withdrawal.
