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Daily Dash: Progress For EU’s SPAA Scheme

November 27, 2023
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The European Payments Council has published the business conditions for its SEPA Payment Account Access (SPAA) scheme, while the European Banking Authority (EBA) has begun consulting on the travel rule for crypto firms.

European Payments Council Publishes SPAA Business Terms

The European Payments Council (EPC) has 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 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 .

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