Klarna and Provenir upgrade credit and fraud risk decisioning system

Swedish based payment service provider Klarna has cooperated with credit and loan origination specialist Provenier to update its credit and fraud risk decisioning platform.

The new system provided by Provenier will replace the now aging legacy platform being used by Klarna in its business operations. The new system will allow for faster transaction approval accomplishing an impressive 350 transactions in 1 second.

“We understand our clients’ needs and we are committed to simplify, automate, control and save costs. With phase II round the corner, we are looking forward to building on our recent success with Klarna and further develop the relationship going forward,” Jonathan Power, Managing Director, Provenir EMEA.

The platform was developed by Provenir with Klarna being an integral part of the development process. This gives Klarna the ability to maintain the new system with minimum future involvement from Provenir.

“Today, organisations need to adapt to on-going market and client needs. Provenir has delivered a solution that increases our agility and responsiveness to clients. The implementation of Provenir’s software will contribute towards Klarna’s global market goals. We look forward to the completion of the additional project phases with the support of Provenir,” stated Matt Risley, CRO, Klarna.

The new system was completed by Provenir within 4 months, and is planned to complete its rollout to all Klarna supported regions by the end on this year.

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