Open banking payments company TrueLayer was authorised to be the first to take part in the SEPA Payment Account Access Scheme (SPAA).
The initiative is designed to further advance the open banking ecosystem beyond compliance with the EU’s PSD2 regulatatory framework, and offer banks an opportunity to develop open banking APIs.
SPAA was established in 2021, and the objective of the program is to further adoption of open banking ecosystem.
Joe Morley, EU CEO of TrueLayer commented: “Our inclusion in the first SPAA register underscores our commitment to innovation and our role in advancing the next era of payments across Europe. SPAA is the long awaited commercial API framework which will allow banks to directly monetise their investment in open banking. It will complement PSD2 and help the EU become a global leader in payments. It represents the start of a new phase, where banks and fintechs collaborate to develop the next generation of account to account payments, to the benefit of European businesses and consumers. We look forward to continuing to support the development and rollout of SPAA.”