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ReadersSpeak

will deliver (through premium payment APIs) will en-
able Pay by Bank solutions to reach their full potential.
Examples of such functionality include Dynamic Recur-
ring Payments (which are analogous to the UK's commer-
cial Variable Recurring Payments) and Payment Certainty
Mechanisms, both of which will help enable account-to-
Europe making open banking a reality account (A2A) payments to support use cases such as one-
click checkout and point of sale.

harles Damen, chief product officer at Token. As the European Central Bank's recently revised retail
io, sent in the following on Nov. 30, 2023, the
day version 1.1 of the SEPA Payment Account payments strategy rightly points out, "SPAA-based or
C Access (SPAA) scheme rulebook went into PSD2-based payment solutions can play a positive role
effect: in ensuring a choice of payment solutions." To now help
drive towards making SPAA a reality, it's critical that will-
ing banks and TPPs start coming together to develop pi-
The SPAA scheme rulebook, together with the SPAA lot initiatives that provide real-world testing of the model
scheme's recent announcement of its default fees, is wel-
come news and represents an important milestone for the and functionality envisaged under the SPAA scheme. In
addition, as other regions such as the UK look to estab-
future of open banking, open finance and payments in
Europe. The SPAA scheme standards have the potential lish sustainable commercial models for open banking, the
precedent being set by the SPAA scheme provides plenty
to help unlock enhanced functionality and innovation in
payments and provide balanced commercial opportuni- to learn from.
ties for both third-party providers (TPPs) and banks. Open banking and you

As a complement to the current free-to-use regulatory Do open banking, open finance and open payments
open banking APIs, the SPAA scheme will facilitate the hold potential for the payments industry overall and
delivery of a set of premium APIs that banks can choose your business in particular? Please share your thoughts
to offer for a default fee, or bilaterally negotiate lower fees on this and other compelling topics in our sphere to
with TPPs. The richer functionality that the SPAA scheme greensheet@greensheet.com.

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