TrueLayer first to join SEPA Payment Account Access Scheme
SPAA was set up in 2021 to drive ‘open payments’ in the EU
Open banking payments network TrueLayer has been authorised as the first participant in the SEPA Payment Account Access Scheme (SPAA).
Led by the European Payments Council, the SPAA initiative is designed to advance the open banking ecosystem beyond the EU’s payments services directive (PSD2).
The initiative introduces new features to support growth in the European open banking system, allowing European banks to develop premium open banking APIs and be remunerated for access to these.
“SPAA is the long awaited commercial API framework which will allow banks to directly monetise their investment in open banking. It will complement PSD2 and help the EU become a global leader in payments,” TrueLayer EU CEO Joe Morley said.
“It represents the start of a new phase, where banks and fintechs collaborate to develop the next generation of account to account payments, to the benefit of European businesses and consumers.”
The initiative aims to help position the EU as a global digital leader in the open banking space, encouraging account to account payments and providing a successful alternative to card companies.