The Payment Account Access ( ) 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 ( )) to asset brokers (e.g. Third Party Providers ( )).
The aim of the
scheme is to drive ‘open payments’ in the European Union (
) in a way that unlocks and creates value whilst allowing for a fair distribution of value and risk between scheme participants. The
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 -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 .
Key benefits behind the scheme include:
- It builds on investments done in the context of the revised Payment Services Directive ( ).
- Managed as a scheme, developed collaboratively by the retail payment industry (supply and demand) and the end-user community, as represented in the , and with the support of institutions.
- It enables ‘premium’ payment services beyond 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 ‘ ’.
- It could be a stepping-stone towards ‘open finance’ beyond payments and ‘open data’ beyond finance.
Find out more about the latest publications related to the scheme:
- The SEPA Payment Account Access (SPAA) Scheme Rulebook v1.1
- API Security Framework
- Public Request for Information for the role of Operational Scheme Manager
- Public consultation on the SEPA Payment Account Access Scheme Rulebook
- SEPA Payment Account Access Multi-Stakeholder Group (SPAA MSG): Minutes and agendas
- Terms of reference of the SEPA Payment Account Access Multi Stakeholder Group
scheme evolution calendar:
- Between 13 June until 12 September 2022
Three-month public consultation on draft rulebook
- 30 November 2022
Publication of the v1.0 rulebook
- Between 16 December 2022 and 15 March 2023
Public consultation on strong customer authentication ( )
- 16 March 2023
Publication of v1.0 of the Security Framework (covering scheme related specifications)
- 26 June 2023
Publication of the v1.1 rulebook
- 1 September 2023
scheme adherence process is open
- 30 November 2023
- The scheme rulebook v1.1 effective date
- Expected publication of the scheme default business conditions