News Column

Klarna and Provenir credit and fraud risk decisioning project goes live

May 7, 2014

London, UK - - Provenir (UK) Ltd., the credit and loan origination specialist, today announced the completion and go live of the credit and fraud risk decisioning project for Klarna. The project implementation in Denmark has been achieved in just over four months.

The main challenge for Klarna was to establish a single, core platform which can introduce automation, simplification, flexibility and agility in their business operations. By replacing an older legacy system with the Provenir solution, Klarna can now achieve big volumes in significantly less time, increase the process control, become more competitive and finally increase their ROI. Provenir's solution benefited Klarna by addressing all challenges in a cost efficient manner.

Highlights: * The Klarna business team has been part of the project from the start, enabling them to fully maintain the solution with minimum involvement from IT/Provenir.

* The Provenir solution has been designed and configured to process up to 350 transactions per second, to allow for rapid business growth without compromising the control and accuracy of the operations.

* The initial rollout has laid the foundations for future additional country rollouts. The integration flexibility and reusability aspect of the Provenir solution, will allow the rollout to six more European countries during Phase II, scheduled to be completed during the remainder of 2014.

Matt Risley, CRO, Klarna, said "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." Jonathan Power, Managing Director, Provenir EMEA, said "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."

About Klarna

Klarna's core mission is simplifying buying. Klarna offers safe and easy-to-use payment solutions to e-stores in Europe and was founded in 2005 with the ambition to make e-commerce safer and simpler. At the core of Klarna's services is the concept of payment after delivery, which lets buyers receive ordered goods before any payment is due. At the same time, Klarna assumes credit and fraud risk for e-stores so that sellers can rest assured that they will receive their money. Klarna's vision is to enable trust and to offer a frictionless buying experience to buyers and sellers across the world. Today, Klarna's payment solutions are integrated by more than 15,000 online shops in Sweden, Norway, Denmark, Finland, Germany, Austria and the Netherlands.

About Provenir

Provenir is a loan origination specialist delivering a single, global solution across all lines of commercial and retail lending to bank and non-bank lenders. The Provenir solution provides increased governance, compliance and risk management through automation, integration and straight-through-processing delivered via a flexible and highly configurable solution. The company was founded in 1992 and it is headquartered in Parsippany, New Jersey.

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Source: M2 PressWIRE

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