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EPC publishes business terms for SPAA fee model

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The European Payments Council (EPC) has published the business terms for a fee model of the SEPA Payment Account Access (SPAA) arrangement scheme. This marks an important step in the further development of Open Banking in Europe.

Wapperende Europese vlag met gele sterrenkring op blauwe achtergrond tegen heldere hemel, symbool voor de Europese Unie.

SPAA includes rules and agreements for account information services and value-added payment initiation services (‘premium’ services) . These premium services can be offered by so-called Account Servicing Payment Service Providers (ASPSPs, usually banks) to Third Party Providers (TPPs, regulated payment service providers in general).

The SPAA settlement system now also provides objective and transparent business terms for a fee model .

Gijs Boudewijn, managing director of Betaalvereniging Nederland and co-chair of the SPAA Multi-Stakeholder Group (SPAA MSG), said: “With this, together with various stakeholders, we are creating the right conditions for a vibrant European ecosystem for Open Banking.”

Read the detailed press release from the EPC…

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