Payment service provider Tink has announced it has entered official registration to become one of the first participants of the SEPA Payment Account Access (SPAA) scheme.
The newly launched payment standard by the European Payments Council aims to create new opportunities via open data to ensure that banks are sufficiently equipped to invest in maintaining APIs and real-time payment infrastructures.
Andrew Boyajian, Tink’s VP of Payments and Customer Experience, said: “Having played a key role in shaping SPAA to this point, it’s brilliant to be among the first participants to join the scheme.
“From the very first industry discussions five years ago to create SPAA, Tink has been convinced that a sustainable and commercial model that benefits all parties was key to realising compelling and competitive A2A payment solutions. But this is just the start.
“We encourage banks and other third-party Providers to join us in SPAA and help bring about a new era in A2A, delivering choice and innovation to European payments.”
The launch of the SPAA Rulebook and Scheme Default Fees in November 2023 has been a four-year wait for Tink, which became a founding member of the SPAA Multi-stakeholder Group in 2019.
The SPAA scheme has been hailed by the company as a ‘watershed moment’ for the account-to-account (A2A) payments field as it seeks to bolster collaboration of payment providers across Europe.
Benefits of the scheme include ‘premium’ payment services to exist beyond PSD2 that will enable interoperability and extended reach across the continent. The scheme will also aim to become a stepping stone towards greater open finance adoption beyond payments.
The rulebook sets a standard for an industry-led approach to build upon the twin opportunities of open banking and instant payments. Members of the SPAA MSG will be meeting in Brussels next week.