An IBAN identifies an account on the SEPA network (Single Euro Payment Area). This unique identifier makes it easy for banking services like Swan to make sure payments reach their destination safely - all across Europe.
An IBAN lets you receive and issue SCT (SEPA Credit Transfer) or SDD (SEPA Direct Debit).
When an account holder completes the verification process (Learn more) and the paymentLevel changes to Unlimited , the account will receive an IBAN.
An IBAN is made up of 34 letters and numbers, and each set of characters represents a different detail for your account.
Here is a breakdown of our IBANs:
FR76 1732 8844 00XX XXXX XXXX XYY
FR = Country Code - Swan headquarters (France)
76 = Check digits
17328 = Swan's Bank Code
84400 = Swan's Branch Code
XXXXXXXXXXX = Account number - 11 digits
YY = RIB key - 2 digits
If you feel blocked by the "FR" country code and feel it is absolutely vital to be able to distribute IBANs to your customers with a country code other than "FR", don't hesitate to get in touch: [email protected]
You can create multiple virtual IBANs for one Account.
An account holder can use virtual IBANs to receive SCT (SEPA Credit Transfer) or to set up SEPA Direct Debit.
Here are some of the use cases made possible with virtual IBANs: