SPAA introduces financial incentives for banks to participate in open banking and help it grow. „The commercial model will allow banks to monetise APIs” – says the GM of the Europe at TrueLayer
The SEPA Payment Account Access (SPAA) introduces new open banking functionalities, for which banks can charge. Together with the future widespread availability of instant payments in the EU, it can help make A2A payments the main alternative to cards for online payments.
The building blocks of an open, pan-European payment method are in place: SEPA Instant Credit Transfers (SCT Inst) and open banking to turn them into a payment method. The SEPA Payment Account Access (SPAA) scheme is the final piece of the puzzle, enabling a commercial model for open banking and introducing additional features beyond the revised Payment Services Directive (PSD2). The European Payments Council wanted to know more about the first SPAA scheme participant, TrueLayer, so they interviewed EU CEO and General Manager – Joe Morley.
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