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iBanFirst rolls out new open banking capability with Klarna

By Megha Bhattacharya

June 30, 2021

  • Europe
  • IbanFirst
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iBanFirst is further enhancing its services with the rollout of new open-banking capabilities in its ambition to become the European leader in B2B cross-border payments. The iBanFirst Open Banking Barometer evaluates the open banking coverage across Europe for SMEs. This tool will provide a country-by-country effective measurement of the availability of both account aggregation and payment initiation.

iBanFirst’s CEO and Founder, Pierre-Antoine Dusoulier, said: “While the historical banks’ lack of enthusiasm made it difficult to develop effective open-banking solutions, iBanFirst managed to overcome the hurdles on the road to open-banking with a solution that is both scalable geographically and stable through time. Being able to access data from their external bank accounts and initiate payments on the iBanFirst platform, remove yet another barrier in our client’s payments operations. While they previously had to resort to external online banking tools to credit their iBanFirst account, they can now channel funds directly on the iBanFirst platform which really becomes their centralised interface for all FX operations.”

iBanFirst has opted for a multi-partner architecture, along with Klarna Open Banking, the European open-banking network. iBanFirst can now offer its clients ways to interact with their finances, no matter where their accounts are located and how compliant their banks are with PSD2’s provision.

Klarna’s Global Head of Open-Banking Russ Carroll,commented: “As one the largest open-banking networks in Europe, it made sense for us to join forces with a European leader in FX solutions. Our fast-growing coverage of banks and countries combined with iBanFirst’s vision of open banking benefits will empower customers through innovative financial services.”

Recently, iBanFirst announced the launch of Payment Tracker, a real-time payment tracking service offering live updates on the status of international payments at any stage of the fund transfer process. The solution also highlights potential hurdles and delays along the payment’s journey, thus enabling mid-cap and SME clients can trace payments the same way consumers can track parcels.

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