SPAA aims to unlock the opportunities of open data access while ensuring that banks are sufficiently incentivised to invest in maintaining application programming interfaces (APIs) and (real-time) payments infrastructure.

Tink has been a founding member of the SPAA Multi-stakeholder Group (SPAA MSG) since 2019. Five years in the making, the launch of the SPAA Rulebook and Scheme Default Fees in November 2023 represented a watershed movement for account-to-account (A2A) payments in the European Union. The rulebook sets a standard for an industry-led approach to build upon the twin opportunities of open banking and instant payments.

Andrew Boyajian, Tink’s VP 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. 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.”