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European Payments Council Publishes SPAA Business Terms
The European Payments Council (EPC) has published the business conditions for the SEPA Payment Account Access (SPAA) scheme.
This provides a default remuneration model for those partaking in the scheme.
“Together with various stakeholders, we are creating the right conditions for a vibrant European ecosystem for open banking,” said Gijs Boudewijn, managing director of the Dutch Payments Association and co-chair of the SPAA Multi-Stakeholder Group (SPAA MSG).
SPAA includes rules and agreements for account information services and payment initiation services with added value — "premium" — services.
Banks can offer these premium services to to third-party providers.
EBA Consults On Crypto Transfer Guidelines
The European Banking Authority (EBA) has launched a public consultation on new guidelines for preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes.
Stakeholders have until February 26 to respond to these guidelines, which specify the steps that payment service providers and crypto-asset service providers should take to detect missing or incomplete information that accompanies a transfer of funds or crypto-assets.
The guidelines also detail the procedures that these providers should put in place to manage a transfer of funds or a transfer of crypto-assets that lacks the required information.
The EBA will also hold a virtual public hearing on the consultation paper on January 17, which stakeholders can sign up to here.
