How SEPA Payment Account Access (SPAA) Scheme enhances open banking in Europe

Discover how the SEPA Payment Account Access (SPAA) scheme is supporting the rise of open banking adoption in Europe. Learn about its benefits for Yapily customers and the future of open banking payments.

What does SEPA Payment Account Access (SPAA) Scheme do for open banking?

The SEPA Payment Account Access (SPAA) scheme is set to drive open banking adoption in Europe. With Yapily now an official participant, let’s explore how this initiative will drive innovation and enhance user experiences.

What is the SEPA Payment Account Access (SPAA) Scheme?

The SPAA scheme is a commercial API initiative developed by the European Payments Council (EPC) and the European Retail Payments Board (ERPB), with support from key EU institutions like the European Central Bank (ECB) and the European Commission. This scheme aims to extend beyond the scope of PSD2, providing a framework for innovative products and improved user experiences in the open banking sector.

What’s included in the SPAA Scheme rulebook?

The SPAA scheme rulebook is comprehensive, outlining the standards and guidelines for participants. Key features include:

  • Dynamic Recurring Payments (DRP): Europe’s given name for Variable Recurring Payments (VRP), this feature supports one-click checkouts and subscription services, enhancing convenience for users.
  • Commercial API Standards: These standards facilitate the development of new financial products and services, promoting a more competitive and innovative market.
  • Collaborative Framework: The rulebook has been created through collaboration between the EPC, ERPB, and various EU institutions, ensuring it meets the diverse needs of the European financial sector.

How does it benefit open banking and Yapily customers?

The SPAA scheme offers several benefits to open banking and Yapily customers, including:

  • Enhanced User Experience: With features like Dynamic Recurring Payments, customers can enjoy seamless and efficient financial transactions.
  • Innovative Products: The scheme encourages the development of new products, offering customers more options and better services.
  • Greater Adoption: By extending beyond PSD2, the SPAA scheme aims to increase open banking adoption across Europe, creating a more robust financial ecosystem.

The future of open banking payments in Europe

Nicole Green, VP of Product Strategy & Policy at Yapily, stated, “We are excited to enter this new phase of EU open banking, complementing PSD2/3. The SPAA scheme marks the first test of a commercial model for open banking in Europe, paving the way for a more sustainable financial ecosystem.”With the SPAA scheme, open banking in Europe is poised for significant growth, promising better services and more choices for consumers and businesses alike.

The future of open banking payments in Europe looks promising with the introduction of the SPAA scheme. This initiative is the first test of a commercial model for open banking in Europe, setting the stage for a more sustainable and innovative financial ecosystem.


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