KLM
“Can KLM leverage its loyalty program, open banking infrastructure, and global payments partnerships to reduce transaction costs and generate ancillary financial revenue at scale?”
KLM is one of the world's oldest legacy airlines, operating as a subsidiary of Air France-KLM Group since 2004. Its embedded finance evolution has been driven by cost reduction and traveller experience: the 2019 Adyen open banking integration made KLM an early adopter of PSD2 payment initiation to reduce card interchange fees. More recently, KLM has layered on multi-currency B2B settlement via Nium's airline payments platform and a co-branded corporate card with American Express. On the capital side, KLM has used its Flying Blue loyalty program as collateral for structured financing, signalling the monetisation of loyalty data as an embedded-finance asset.