Today the European Payments Council ( ) publishes the first (v1.0) Payment Account Access ( ) scheme rulebook. It consists of a set of rules, practices and standards that will allow the exchange of payment accounts related data and facilitates the initiation of payment transactions in the context of ‘value-added’ (‘premium’1) services provided by asset holders (i.e. Account-Servicing Payment Service Providers ( )) to asset brokers (e.g. Third Party Providers ( )).
The first version of the
scheme rulebook with an effective date of 30 November 2023, takes into account the comments received during a three-month rulebook public consultation which ended on 12 September 2022.
All the services listed in version 1.0 of the rulebook are currently positioned as optional. In the coming months, the SPAA Multi-Stakeholder Group (SPAA MSG) will progress on defining a ‘minimum viable product’ (MVP), i.e. a sub-set of services - among those contained in version 1.0 of the rulebook - that will have to be supported by the asset holders participating in the scheme. This selection of the MVP mandatory services will be based on market demand and on the outcome of the work on default business conditions currently being performed by an independent economic consultant. The MVP will be reflected in an updated version of the rulebook which will clearly identify those mandatory services and be published by Q2 2023.
Another key component of the scheme planned to be published by Q2 2023 as well is the set of default business conditions, covering a set of default asset fees for the ‘premium’ assets exposed by the asset holder to the asset broker as well as default access fees for the use of the itself, as provided by the asset holder.
The fully recognises that potential scheme participants will only be able to take a firm decision as to whether to adhere to the scheme when they will have a ‘full picture’ of the scheme, i.e. including the MVP and the default business conditions.
The publication of version 1.0 of the rulebook at this stage will however already enable the market (asset holders, asset brokers, infrastructures, standardisation initiatives, …) to make an early assessment of the scheme and its requirements on the basis of a stable first version of the rulebook, which should facilitate a timely adoption of the scheme.
It is envisaged that the scheme will evolve further over time to support more elaborate functionalities, in line with market demand.
Find out more about it in the “related document”.
1 Premium services are to be considered as:
- services building on -regulated ones, but going beyond the minimum regulatory requirements via the combination with (a) so-called premium feature(s). For example, the transaction asset ‘one-off payments’ is a basic service but when combined with a premium feature such as a ‘Payment certainty mechanism’, it becomes a premium service as described under the rulebook.
- services that are not available via online banking interfaces but provided via a .
If you would like to comment on this article, please identify yourself with your first and last name. Your name will appear next to your comment. Email addresses will not be published. Please note that by accessing or contributing to the discussion you agree to abide by the EPC website conditions of use.