Tink signs up to Europe’s SPAA scheme

Payment services and data enrichment platform Tink has confirmed its participation in the European Payments Council’s SEPA Payment Account Access (SPAA) scheme, having been a founding member of the SPAA Multi-stakeholder Group since 2019.

The SPAA scheme, which aims to harness the potential of Open Data access while incentivising banks to invest in API and real-time payments infrastructure, has been in the works for five years.

Tink joins TrueLayer, which became the first company to join SPAA in January, while Token.io has also announced its participation in the scheme.

Tink’s Andrew Boyajian

According to Tink, the launch of the SPAA Rulebook and Scheme Default Fees in November 2023, represented a “watershed” moment for account-to-account (A2A) payments in the European Union.

Andrew Boyajian, Tink’s vice president of payments and customer experience, said: “Having played a key role in shaping SPAA to this point, it’s brilliant to be among the first participants to join the scheme.”

“From the very first industry discussions five years ago to create SPAA, Tink has been convinced that a sustainable and commercial model that benefits all parties was key to realising compelling and competitive A2A payment solutions,” he added.

“But this is just the start. We encourage banks and other third-party providers to join us in SPAA and help bring about a new era in A2A, delivering choice and innovation to European payments.”

The news comes as members of the SPAA Multi-stakeholder Group prepare to meet in Brussels next week.