Apr 6, 20217 min read

Why an open banking white-label solution?

Jörg Heilmann

by Jörg Heilmann

You’ve worked hard on building a brand that your customers trust. Let’s be honest, no one does it as well as you. So when it comes to initiating seamless payments and aggregating account information, why not stamp your brand on it? 

Enter white label open banking services.

But first up, what does “white label” mean?

At its simplest, it refers to goods or services that are produced by one company, then purchased by another company to rebrand and sell as their own.

White labelling allows you to identify specific areas of your product or service offering that you don’t have the necessary specialisations to handle fully. It’s a tool to outsource the need to a third party that’s able (and oftentimes even better) to develop a solution for you.

Read on to find out how Klarna’s white label services can help you level up your Open Banking game.

Why Choose White Label Banking Services?

Amplify your own brand towards users.

The main reason why you’d want to use white label is because you’re already an established brand. You have an existing identity towards your users, and you’re not about to mix that up another brand when initiating customer payments or aggregating account information. Basically, you want to have the entire customer journey with your brand stamped on it to maintain trust with your users. 

Work with your own licenses and stay fully in control.

People using mobile apps or web services supported by white label banking services have access to more seamless user experiences without a break in flow. Users only have to leave your experience to log-in to their bank’s site or mobile app without encountering any other parties in between.

White labelling allows you to create optimal conversion conditions as your processes are fully embedded into your customer journey. You know your target customers better than anyone, and white label open banking services allow you to design the best solution for your customers.

Extend your reach between APIs through white label financial services.

With Klarna’s Open Banking White Label Solution, we don’t provide a user interface. That means you’re only working with an API that tells you the essential elements needed at the frontend. The API presents features like a login form with input fields, and it’s your job as the integrator to render an interface for your users. This is your opportunity to mark your brand.

How Does Klarna’s White Label Banking API work?

Our white label solution is a single solution, supported by one API. As a white label customer, you don’t ever have to disclose that you operate via Klarna since bank data is requested and received by you as the TPP.

In terms of transparency for end-users, Klarna is simply the facilitator of the white label services. That means we don’t store any data to the point of privacy concern. We’re an aggregator of bank API connections, meaning whenever we talk to the bank, we talk in the name of our customer (you). We never request data in the name of Klarna. As our partner, that puts you in full control over your end-users’ valuable data and keeps you compliant.

Ticking the Right Boxes: Essential Criteria for White Label Financial Services.

Before you can use open banking and connect with banks of your choice, you have to be a licenced institution. You’ll need to jump through some hoops and regulatory checks so that you’re authorised to access bank data through a PSD2 licence

As a result, an essential tool for white label services involves eIDAS certificate files (QWAC + QSeal), which is a digital representation of the PSD2 license and issued by an eligible certification institute. This certificate essentially speaks ‘the digital language’ and allows partnering banks to identify you as a legal party permitted to access data.

Benefits of Klarna’s Open Banking White Label Solution.

  • Easy communication. Regular meetings with a designated account manager and  integration support specialists when you need them. 
  • Unmatched engineering and technical expertise. You’ll have access to Klarna engineers who know our white label finance APIs inside and out. No matter how specific your question or complex your issue is, we’ve got your back to keep your operations going.
  • Super seamless bank onboarding. What good is a banking API without smooth onboarding with banks? Working with Klarna opens the door to over 250 banks in Europe with straightforward and hassle-free sign-up processes. Backed by our banking coverage and PSD2 expertise, we’ve got you covered.
  • Detailed onboarding walkthrough guides. We provide the tools to guide you through the onboarding process of hundreds of European banks. We offer a detailed guide for each bank, so you can kick back and save your precious time and effort as we do the leg work.
  • Developer documentation. Our extensive developer documentation has a pool of resources dedicated to helping you optimise your integration with best practices and everything needed to fuse white label services through our single API. It’s clearly structured and easy to read. Take a look for yourself!
  • We’re proudly our own white label customer. Open banking customers who use the Klarna branded API use a system built on the same technical foundations as our white label solution. That means we know it works, and it works well.

Smoooth White Label Banking Software from Start to Finish.

When choosing a white label solution, the first thing to check for is the provider’s experience. White labelling benefits from strong relationships that providers, like Klarna, have with banks across multiple countries. 

Opting for multiple license holders can lead to tricky and cumbersome set-ups, and in the long-run, you might not end up with enough coverage across banking and financial institutions. 

The big advantage of choosing Klarna is that you have access to experience long before the days of PSD2, high volumes of traffic through payment initiations, and long-established connections with the banks themselves. We’re the technical facilitators, and our white label open banking services is the bridge between you and the bank. 

We provide all the API integration and technical support through white labelling so that you can initiate payments or aggregate accounts without ever having to worry you’re sacrificing the trust of your customers.

Request Your API Credentials for Our Playground.

Backed by 15 years of experience and our pioneering single API, Klarna delivers Europe’s most scalable and proven open banking platform to date.

Visit Klarna Open Banking to learn more about Open Banking, or schedule a demo to find out how your organisation can benefit today. Let’s connect and get started.