[Video interview] Unlocking the future of payments: the SEPA Payment Account Access Scheme (SPAA)
OI
Oana Ifrim
22 Oct 2024 / 5 Min Read
In 2021, the European Payments Council (EPC) was appointed by the European Retail Payments Board to manage the SEPA Payment Account Access (SPAA) scheme, a significant initiative aimed at transforming account-to-account (A2A) payments beyond the capabilities of the Payment Services Directive 2 (PSD2). While PSD2 brought payment initiation into the mainstream, the SPAA scheme introduces premium API services designed to unlock new business opportunities for market actors. Unlike the free and compliance-driven APIs of PSD2, SPAA represents a voluntary, commercial initiative that allows European ASPSPs to monetise access to payment account information.
The SPAA rulebook outlines essential features like Dynamic Recurring Payments (DRP) - Europe’s version of Variable Recurring Payments (VRP). DRP enhances user convenience by enabling one-click checkouts and streamlined subscription services,ultimately improving customer experience. The SPAA scheme is designed to fairly distribute value and risk among stakeholders, encouraging collaboration among banks, fintech companies, and other industry players.
Giorgio Andreoli, Director General of the EPC, emphasises that SPAA transforms the landscape of Open Banking from a purely compliance-focused model to one that offers significant revenue potential. By leveraging existing infrastructures established under PSD2 and instant payment frameworks, ASPSPs can transition from compliance-driven costs to monetisable opportunities. As the regulatory landscape continues to evolve, SPAA positions itself as a critical component in the European Open Banking ecosystem.
Looking ahead, the SPAA scheme aims to attract more participants, while aligning with directives like PSR. With its focus on innovation and market adoption, SPAA is set to drive the future of payments across Europe, supported by active engagement from both established financial institutions and emerging market players.
Enjoy watching this exclusive conversation!
About Giorgio Andreoli
Giorgio Andreoli has extensive experience in digital financial solutions and innovation across multiple industries. For over 15 years he has been working in telco sector, eventually serving as Director of Strategic Marketing at Ericsson South-East Europe. Later, he served as a Managing Director at Accenture, working on digital finance, payments and open banking. Before joining the EPC, Giorgio was working at the European Central Bank on the Digital Euro project.
About the European Payments Council
The European Payments Council, an international not-for-profit association, representing payment service providers, supports and promotes European payments integration and development, notably the Single Euro Payments Area. The primary task of the EPC is to manage the SEPA (Instant) Credit Transfer, SEPA Direct Debit, SEPA Proxy Lookup, SEPA Request-to-Pay, SEPA Payment Account Access and other schemes in close dialogue with all stakeholders.
The Paypers is the Netherlands-based leading independent source of news and intelligence for professional in the global payment community.
The Paypers provides a wide range of news and analysis products aimed at keeping the ecommerce, fintech, and payment professionals informed about the latest developments in the industry.
Giorgio Andreoli has extensive experience in digital financial solutions and innovation across multiple industries. For over 15 years he has been working in telco sector, eventually serving as Director of Strategic Marketing at Ericsson South-East Europe. Later, he served as a Managing Director at Accenture, working on digital finance, payments and open banking. Before joining the EPC, Giorgio was working at the European Central Bank on the Digital Euro project.
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