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Token.io joins Europe’s SEPA Payment Account scheme

By Gloria Methri

January 31, 2024

  • A2A Payments
  • Europe
  • FinTech
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Token.io, Account-to-Account Payments, Payment Infrastructure Provider, Open Banking, FinTech, UKAccount-to-account (A2A) payment infrastructure provider Token.io, has become an official participant in the SEPA Payment Account Access (SPAA) scheme: a commercial API initiative that will enable greater innovation and unlock wider adoption of A2A payments in Europe.

By leveraging Open Banking and instant payments, the SPAA scheme will support the establishment of a pan-European payment solution, which is a key pillar of the retail payment strategies of both the European Commission (EC) and European Central Bank (ECB).

As a SPAA participant, Token.io will contribute to the development of the payment functionality outlined in the scheme’s rulebook and Minimum Viable Product for banks and TPPs. Examples include Dynamic Recurring Payments and Payment Certainty Mechanisms, which will expand the use cases for instant bank payments to include one-click checkout and point-of-sale payments.

These new payment capabilities will deliver benefits to payment service users throughout the EU while creating robust competition with established payment methods and enabling banks to create new revenue opportunities.

Charles Damen, Chief Product Officer, Token.io said, “SPAA has already established a clear business model for all scheme participants that is both attractive to banks (enabling them to complement and monetise their investments in PSD2) and persuasive for merchants (with fees for key payments functionality lower than cards).”

“As a result, we have already seen strong interest from payment providers and merchants in leveraging SPAA functionality, particularly Dynamic Recurring Payments (DRPs). DRPs have real potential to become the ultimate frictionless, cost-effective payment option for Europe, and we look forward to working with all participants to establish their first trials.”

The SPAA scheme was developed collaboratively by the European Payments Council (EPC), and the retail payment industry (as represented by the Euro Retail Payments Board) and is supported by relevant EU institutions, including the European Central Bank and the European Commission. Token.io will be officially listed as a scheme participant in the EPC register as of 9th February 2024.

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