Compass Plus, an international provider of innovative retail banking and electronic payments software to processors and financial institutions, has announced that it has successfully completed the implementation of its open development payments platform TranzAxis with Klarna, a leading European online payment provider. Klarna makes online payments easier and safer, enabling consumers to purchase goods using just their email address and postcode, cutting out the need for passwords.

The TranzAxis platform, which was implemented in just six months, will lay the foundation for Klarna’s global expansion. It was selected as the platform that best suited the innovative culture within Klarna, enabling the online payment provider to utilise their own existing R&D capabilities to develop and launch new services quickly and cost-effectively. Due to its flexible and agile nature, TranzAxis offers the payment provider a future-proof option for their system development.

The project, which went live on 1 July 2014 with the launch of Klarna’s first UK merchant customer, included the integration of third party systems as well as the launch of Klarna’s pay after delivery service, which gives consumers the opportunity to pay for goods after they are delivered. TranzAxis manages all Klarna accounts and settlement with merchants, acquirers and banks.  

“Klarna's mission is to simplify buying and to make Klarna the world's favourite way to buy. To facilitate this we need to be able to go to market with new products quickly, while never jeopardising quality and stability. We want to be adaptive to customer needs and market trends, while keeping the core robustness of a bank. We have chosen to use TranzAxis as transaction engine for our global expansion as we believe this will enable us to move fast to new markets while never risking losing core stability,” says Yuval Samet, Chief Product Officer at Klarna.

“Today’s consumers expect a fast, easy and convenient way of making purchases online. Klarna’s offering is at the forefront of the industry providing a unique and simplified payment process,” said Andrey Chirkov, Senior Vice President & Chief Global Sales Officer at Compass Plus. “By working closely with the highly skilled team at Klarna, we have ensured the smooth and quick entrance of the company into one of the most competitive markets in Europe with a very innovative new product. Klarna is an impressive partner and has helped establish TranzAxis as a platform that can truly deliver in the alternative payments arena, opening new horizons in the ever evolving payments industry.”