TrueLayer becomes a participant in SPAA

Friday 12 January 2024 14:15 CET | News

TrueLayer has officially joined the SEPA Payment Account Access Scheme (SPAA), an initiative dedicated to redefining the landscape of A2A payments in Europe.

Following this announcement, the inclusion of TrueLayer into the first SPAA register represents an important step in the company’s commitment to development and innovation, as well as its strategy of accelerating and advancing the next step of payments across the region of Europe. 

The SEPA Payment Account Access Scheme (SPAA) is extending beyond compliance with the European Union’s payments solutions directive (PSD2) and it was developed in order to introduce new features created to optimise the development of the European Open Banking ecosystem. With the use of SPAA, European banks and financial institutions will be given the possibility to develop and provide premium Open Banking APIs, while being remunerated for access to these APIs at the same time. 

In addition, banks will be allowed to directly monetise their investment in Open Banking, while SPAA will also complement PSD2 in order to enable financial institutions to meet the needs, preferences, and demands of customers and clients in an ever-evolving market. The SEPA Payment Account Access Scheme aims to stimulate the adoption of account-to-account (A2A) payments in a secure and efficient manner, as well as developing an improved alternative to card companies. 


TrueLayer becomes a participant in SPAA

TrueLayer’s recent strategy of development

UK-based Open Banking payments network, TrueLayer had multiple partnerships and product launches in the last couple of months, covering several different geographic areas around the world. 

At the beginning of December 2023, TrueLayer announced its collaboration with Lunar in order to optimise the overall payments landscape in the regions of Sweden, Denmark, and Norway. This strategic plan aimed to improve TrueLayer’s instant payment capabilities in the Nordics, through the use of a secure and efficient incorporation with Lunar’s payment infrastructure. 

Earlier in November 2023, TrueLayer announced its partnership with Lendable in order to integrate its Account Information Services (AIS) and Variable Recurring Payments (VRP) products into the latter’s financial ecosystem. Lendable provided customers with loans, credit cards, and car finance across an array of borrowers, with the firms being committed and focused on making personal finance more simple, transparent, and accessible. 

By integrating TrueLayer’s tools, Lendable was enabled to improve its offerings, as AIS facilitated the collaboration and provided the company with comprehensive insights into the procedure of underwriting. At the same time, VRPs delivered borrowers and users more flexible and intuitive repayment options, aligned with Lendable’s strategy of offering customer-centric financial services. 

For more information about TrueLayer, please check out their detailed profile in our dedicated, industry-specific Company Database.

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Keywords: SEPA Payment Account Access Scheme, SEPA, Open Banking, Open Finance, banking, online banking, digital banking, mobile banking, financial services, financial institutions, SPAA
Categories: Banking & Fintech
Companies: TrueLayer
Countries: Europe
This article is part of category

Banking & Fintech


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