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SEPA Payment Account Access

SPAA

The SEPA Payment Account Access (SPAA) scheme covers the 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 (ASPSPs)) to asset brokers (e.g. Third Party Providers (TPPs)). 

The aim of the SPAA scheme is to drive ‘open payments’ in the European Union (EU) in a way that unlocks and creates value whilst allowing for a fair distribution of value and risk between scheme participants. The SPAA scheme covers messaging functionalities. It is not about a payment means or a payment instrument, but it offers a way to transport information in relation to payment accounts and transactions. It is envisaged that the scheme will evolve further over time to support more elaborate functionalities, in line with market demand.
 

1 Premium services are to be considered as:
- services building on PSD2-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. 
- PSD2 services that are not available via online banking interfaces but provided via a SPAA API.

Key benefits behind the SPAA scheme include:

  • It builds on investments done in the context of the revised Payment Services Directive (PSD2).
  • Managed as a scheme,  developed collaboratively by the retail payment industry (supply and demand) and the end-user community, as represented in the ERPB, and with the support of EU institutions.
  • It enables ‘premium’ payment services beyond PSD2 in a way ensuring harmonisation, interoperability and reachability across Europe. 
  • Asset holders expose information and transactions through the scheme to asset brokers for a fee (from asset brokers), with prior consent from the asset owner.
  • It takes into account the input from major European standardisation initiatives active in the field of ‘PSD2 APIs’.
  • It could be a stepping-stone towards ‘open finance’ beyond payments and ‘open data’ beyond finance.

SPAA scheme evolution calendar:

  • 16 December 2022 - 15 March 2023
    Public consultation on strong customer authentication (SCA)
  • 16 March 2023
    Publication of v1.0 of the API Security Framework (covering SPAA scheme related specifications)
  • 26 June 2023
    Publication of the v1.1 of the SPAA scheme rulebook
  • 23 November 2023
    Publication of v1.0 of the SPAA scheme default fees
  • 23 November 2023 - 2 February 2024
    Call for change requests regarding v1.1 of the SPAA scheme rulebook
  • 30 November 2023
    The SPAA scheme rulebook v1.1 effective date
  • 1 December 2023
    SPAA scheme adherence process is open
  • May 2024 - August 2024
    Three-month public consultation on change requests
  • November 2024
    Expected publication of v2.0 of the SPAA scheme rulebook