TrueLayer first to join European Payments Council’s SPAA

European Open Banking payments network TrueLayer has become the first company to join the SEPA Payment Account Access Scheme (SPAA), led by the European Payments Council.

According to TrueLayer, the scheme is set to “redefine the landscape” of account-to-account (A2A) payments in Europe, given that SPAA extends beyond compliance with the European Union’s PSD2 and introduces new features that will support the growth of the wider European Open Banking ecosystem.

Under SPAA, European banks will be able to develop and offer premium Open Banking APIs and receive remuneration for access to these APIs.

Joe Morley, EU chief executive officer of TrueLayer, said: “Our inclusion in the first SPAA register underscores our commitment to innovation and our role in advancing the next era of payments across Europe.

“SPAA is the long-awaited commercial API framework which will allow banks to directly monetise their investment in Open Banking. It will complement PSD2 and help the EU become a global leader in payments.”

Morley added that the scheme represents “the start of a new phase”, in which banks and fintechs collaborate to develop the “next generation” of A2A payments, with European businesses and consumers the main beneficiaries.

“We look forward to continuing to support the development and rollout of SPAA,” he said.

Feature: How will Open Banking shape up in UK and Europe in 2024?

Further reading: European Parliament agrees new rules on ‘affordable’ instant transfers in euros