On 30 November 2022, the European Payments Council (EPC) published the first SEPA Payment Account Access (SPAA) scheme rulebook. This set of guidelines and standards stretches beyond the PSD2 scope to new premium concepts and creates a foundation for businesses to adopt a wider array of open banking-powered payments.
The first version of the regulation takes into account the opinions received during a three-month rulebook public consultation (closed on 12 September 2022) and will go into full effect on 30 November 2023. Find out what the highlights of this document are to prepare your business for the changes it enables in advance.
The three key points presented in the first version of the SPAA rulebook are:
The rulebook also features an outlook on future initiatives - find out everything you need to know about it below.
All the services listed in the rulebook’s 1.0 version are currently optional. However, in the following months, the SPAA Multi-Stakeholder Group (SPAA MSG) is set to define a “minimum viable product” (MVP). This will be a subset of services selected from the document’s first edition that will be mandatory for the asset holders participating in the SPAA scheme.
The MVP service selection will be based on market demand and on the updates of the default business conditions performed by an independent economic consultant. The MVP list will be available to the public in an updated version of the rulebook that is scheduled for publishing by Q2 2023.
The set of default business conditions mentioned above will also be published within the same timeframe and will contain the default fees that the scheme will permit on the “premium” assets that banks make available to third-party providers in addition to the use of the SPAA API itself.
The SPAA rulebook offers a forward-looking approach to commerce regulations that matches the needs of modern-day businesses and the current payments landscape. Its take on providing a clear framework to support a new frontier of A2A for merchants is promising reduced costs, higher efficiency, and advanced security.
What’s more, SPAA’s initiative in developing default asset fees has the potential to convince banks to become a part of the scheme early on, given commercial opportunities. Yet, it’s important to note that SPAA MSG must assess fee proposals and base costs thoroughly to make sure they match market expectations - only then will the SPAA scheme be able to fulfill its true potential for merchants.