GoCardless joins SPAA scheme, calls on banks to participate

GoCardless has defined the SPAA scheme as a new messaging ecosystem that aims to introduce a set of premium API features and services that banks can charge fintechs for access to. An example cited by GoCardless is that banks will be able to charge payment initiation service providers for the provision of ‘premium’ API functionality, such as dynamic recurring payments.

Already in 2024, Tink, Token. Io, and TrueLayer have confirmed their participation in the European Payments Council’s SPAA scheme.

Commenting on the news, officials from GoCardless said that whilst the SPAA scheme is now live, GoCardless and other fintechs will only be able to bring the new services it facilitates to European merchants once banks also sign up. They are calling on them to do so and help them drive innovation in European payments.

What else has GoCardless been up to?

In July 2024,  Global payments platform Airwallex has partnered with GoCardless to offer direct debit services to its customers in various markets, starting with the UK and soon expanding to Europe. Through GoCardless Embed, a white-label integration, Airwallex gains access to a global bank payment network, enhancing its support for businesses aiming for global growth.

The integration allows access to bank payment schemes in key regions, end-to-end payment processing, and Open Banking features, tapping into the growing account-to-account market valued at around USD 225 trillion in transaction volumes worldwide.

In the same month, GoCardless has partnered with OMS to integrate its Instant Bank Pay feature into the OMS platform, streamlining payment processing for brokers. This collaboration will enhance payment management, collection, and reconciliation, improving cash flow and reducing costs by avoiding card fees.

The integration, which operates within the OMS CRM system, will improve customer satisfaction, save time, and support various financial services sectors like residential, commercial, and insurance. This partnership benefits both companies and users by creating a more efficient and cost-effective payment process.