Modo chose the inaugural Money20/20 Europe event toannounce their strategic partnership with Klarna, under which Modo will provide its digital payments hub to accelerate implementation of the Klarna checkout solution for e-retailers worldwide.
Modo is a digital payments hub that takes monetary value from just about any source, and can deliver it to just about any destination without changing existing infrastructure. Modo's patented COIN® transaction manages the complexities of integrating existing payments systems by seamlessly connecting them and mediating the differences between processes. Klarna has discovered how to leverage Modo's COIN® to rapidly on-board e-retailers around the world, and to advance their goal of becoming "the world's favourite way to buy."
"Just like the latest electric cars rely on legacy coal-fired power plants for energy, digital payment experiences require connections to existing payment systems to move value. Modo is thrilled to provide Klarna with the ability to instantly integrate e-retailers all around the world. Modo's digital payments hub connects the payments systems at e-retailers to Klarna's powerful checkout solution without requiring either one to make changes to their systems," said Bruce Parker, CEO of Modo.
According to Thad Peterson of AITE Group, digital payments will exceed a trillion dollars a year globally by 2019 and will continue to transform commerce as both online and mobile transactions grow rapidly. However, existing payments volumes are growing right alongside the new digital experiences. Modo's digital payments hub uses Connectors to natively interface with payments systems and deliver that value to new digital experiences. The COIN® provides transaction services, including accounting, settlement, compliance, transaction management, and risk management to enable existing payments processes to work the way they always have.
"Modo is providing Klarna with a smooth new way to deliver our simplified way to buy to e-retailers. Through this partnership we are able to more quickly implement merchant partners and also deliver innovative new ways for Klarna to simplify buying for our over 45 million customers," says Sebastian Siemiatkowski, CEO of Klarna.