The SPAA scheme extends the groundwork laid by the revised Payment Services Directive (PSD2) and encompasses the regulations, practices, and standards facilitating the exchange of payment account-related data. It also streamlines the initiation of payment transactions within the context of 'value-added' or 'premium' services provided by Asset Holders to Asset Brokers.
Aligned with the Euro Retail Payments Board (ERPB) mandate from June 2021, the SPAA scheme rulebook outlines a set of objective and transparent business conditions, including a default remuneration model. This model, developed through a multi-stakeholder approach led by an independent economic consultant, appointed via a public Request for Proposal (RFP), operates under the strategic guidance of the retail payment industry represented in the SPAA Multi-Stakeholder Group (MSG).
In the official press release, representatives from the Dutch Payments Association expressed pride in creating conducive conditions for the development of a robust European Open Banking ecosystem. They also acknowledged the support of the European Central Bank and the European Commission and highlighted the next challenge of bringing SPAA to the market.
The default remuneration model, grounded in a sound cost-calculation methodology and anonymised, aggregated data collection, comprises Default Asset Fees for 'premium' SPAA assets and features and a Default API Access Fee for using the 'premium' SPAA API. It's worth noting that the availability of the 'premium' SPAA API does not preclude the use of APIs developed under PSD2 for 'basic' services.
Prospective scheme participants can access the first version of the SPAA Default Fees on the dedicated EPC webpage before joining the scheme. The default remuneration model is applicable among scheme participants unless they mutually agree on a different amount.
Officials from the European Third Party Providers Association highlighted the approval of the business conditions and V1.1 of the rulebook as a major milestone. They brought up the technical readiness to operate and acknowledged the industry's collective effort while stressing the need to continue refining the model, garnering interest, and ensuring asset holders and brokers serve merchants and consumers.
According to the EPC, the business conditions are set for revision early in 2024 and periodically thereafter to stay aligned with market and regulatory developments. Representatives from the EPC talked about this new development and described it as a historic moment for both the EPC and the European payments industry.
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