TrueLayer has become the first participant in the SEPA Payment Account Access Scheme (SPAA).
TrueLayer’s inclusion in the scheme heralds a new chapter in open banking, offering enhanced opportunities for growth and innovation.
SPAA, which extends beyond the compliance requirements of the European Union’s Payment Services Directive (PSD2), introduces innovative features aimed at bolstering the European open banking ecosystem. This initiative allows European banks to not only develop advanced open banking APIs but also provides a mechanism for them to be compensated for access to these technologies.
Reflecting on this milestone, TrueLayer’s EU CEO, Joe Morley, commented: “Our inclusion in the first SPAA register underscores our commitment to innovation and our role in advancing the next era of payments across Europe.
“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. 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.
We look forward to continuing to support the development and rollout of SPAA.”
The concept of SPAA originated in 2021 when the European Payments Council was commissioned by the European Retail Payments Board to devise premium open banking services surpassing PSD2 compliance. The overarching goal of this project is to enhance the adoption of account-to-account payments, establish a viable alternative to traditional card companies, and position the European Union as a frontrunner in the global digital payments arena.
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