EPC has also launched a public consultation on a related document concerning a possible additional ‘premium’ functionality that would allow asset brokers to request a payment with transaction fees not borne by the Payer. The consultation will run for a 90-calendar day period from 13 June 2022 up to and including 12 September 2022.
The SPAA scheme, which is created in line with the requirements defined in the June 2021 report of the Euro Retail Payments Board (ERPB) Working Group on a SEPA Application Programming Interface (API) Access scheme, covers the set of rules, practices, and standards that will allow the exchange of payment accounts related data and facilitates the initiation of payment transactions in the context of ‘value-added’ (‘premium’) services provided by asset holders (i.e. Account-Servicing Payment Service Providers (ASPSPs)) to asset brokers (e.g. Third Party Providers (TPPs)).
The aim of the SPAA scheme is to drive ‘open payments’ in the EU in a way that unlocks and creates value whilst allowing for a fair distribution of value and risk between scheme participants. The SPAA scheme covers messaging functionalities. It is not about a payment means or a payment instrument, but it offers a way to transport information in relation to payment accounts and transactions.
It is envisaged that the SPAA scheme will evolve further over time to support more elaborated functionalities, in line with market demand. The draft SPAA scheme rulebook and the related document are the outcome of the work carried out to date by the SPAA Multi-Stakeholder Group set up and facilitated by the EPC.
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