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Tink, Token.io Confirmed As Latest Members Of Europe’s SPAA Scheme
Tink and Token.io have joined the SEPA Payment Account Access (SPAA) scheme, which is managed by the European Payments Council (EPC).
Version 1.1 of the SPAA scheme launched in November 2023 to much fanfare in the EU's payments industry.
The SPAA scheme establishes the rules, practices and standards that govern the exchange of payment accounts-related data and the initiation of payment transactions through "value-added" API-based services.
These services are provided by account-servicing payment service providers (ASPSPs) to third-party providers (TPPs), such as payment initiation service providers (PISPs) or account information service providers (AISPs).
It is thought that the scheme will complement EU legislation such as the Payment Services Directive (PSD) and the Instant Payments Regulation.
TrueLayer became the first company to officially join the scheme on January 15.
Alipay+ Makes Inroads In Pakistan Through NayaPay Partnership
Alipay+, the cross-border payments and marketing platform from Ant Financial, has partnered with Pakistan’s NayaPay digital wallet.
The partnership will lead to the deployment of QR codes that are compatible with both RAAST, Pakistan’s instant payments system, and with Alipay+ partners, including digital wallets and bank apps.
In total, more than 25 Alipay+ payment partners can connect 1m NayaPay users to more than 1.5bn consumer accounts worldwide.
“This strategic alliance is specifically designed to streamline digital payments, tackling prevalent issues such as limited interoperability and elevated transaction costs,” said NayaPay.
In other Ant Group news, the Chinese fintech is close to acquiring Dutch payments firm MultiSafePay in a $200m deal, according to a report from Retuers.
