Token.io fully supports the publication of version 1.1 of the SEPA Payment Account Access (SPAA) scheme rulebook.
These standards have the potential to help unlock enhanced functionality and innovation in payments and provide balanced commercial opportunities for both third party providers (TPPs) and banks.
Specifically, the richer functionality that the SPAA scheme will deliver (through premium payment APIs) will enable Pay by Bank solutions to reach their full potential.
Examples of such functionality include Dynamic Recurring Payments and Payment Certainty Mechanisms, both of which will help enable A2A payments to support use cases such as one-click checkout and point of sale.
This will help deliver material benefits to payment service users across the EU and enable robust competition to incumbent payment methods.
We believe the SPAA rulebook has the potential to act as a template for broader future premium open finance and open data services outside of payment accounts; key to the scheme’s success will be getting the commercial balance across participants right to help drive uptake.