joins Europe’s SPAA scheme

Ellie Duncan
25 Jan 2024

Account-to-account payment infrastructure provider has joined the SEPA Payment Account Access (SPAA) scheme, following TrueLayer which became the first company to join earlier this month.

As an official participant, will contribute to the development of the richer payment functionality that has been outlined in the scheme’s rulebook and ‘Minimum Viable Product’ for banks and third party providers.

“We have been actively engaging with SPAA since its very early days, and are proud to be one of its first official participants,” said Charles Damen, chief product officer at 

Charles Damen

Token CPO Charles Damen will be officially listed as a scheme participant effective 9 February this year.

Damen added: “SPAA has already established a clear business model for all scheme participants that is both attractive to banks (enabling them to complement and monetise their investments in PSD2) and persuasive for merchants (with fees for key payments functionality lower than cards).

“As a result, we have already seen strong interest from payment providers and merchants in leveraging SPAA functionality, particularly Dynamic Recurring Payments (DRPs).”

He cited’s recent research, in partnership with Open Banking Expo, which found that 83% of banks believe they will drive commercial upside from DRPs, and the majority of merchants would seek to convert card payments to DRPs.

“DRPs have real potential to become the ultimate frictionless, cost-effective payment option for Europe, and we look forward to working with all participants to establish their first trials,” said Damen.

The SPAA scheme was developed collaboratively by the European Payments Council, the retail payment industry – as represented by the Euro Retail Payments Board – and is supported by EU institutions, including the European Central Bank and the European Commission.

Earlier this week, appointed Artashes Torosyan, as Token GmbH’s second managing director, joining Dr Lea Maria Siering.

Torosyan has served as’s chief technology officer since April 2022.

Todd Clyde, chief executive officer of, said: “Artashes’ extensive experience and proven track record make him the ideal candidate for the role of managing director.

“We believe that his leadership will play a crucial role in driving Token GmbH’s growth and success in Germany and beyond. We look forward to achieving new milestones under his guidance.”