IBAN
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
PaymentAccountType changes to PaymentServices (Learn more), the account will receive an IBAN.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:
- Paying for invoices via transfer becomes easier; providing a different virtual IBAN to each client simplifies reconciliation.
- Direct debit risk management becomes easier: you can block direct debit on certain IBANs or generate dedicated virtual IBANs for a specific supplier.
- etc.
Identifying virtual IBANs is easy: they contain a different branch code than main IBANs.
Clients make payments to individual virtual IBANs, but all the money arrives on a main account. The virtual IBANs make it easy to identify who made each payment when it shows up in your accounting.
To create a virtual IBAN by API you must use the
addVirtualIbanEntrymutation.Here are the different settings available for a virtual IBAN:
- Systematically reject SDDs that are addressed to it by calling the
denySddOnVirtualIbanEntrymutation - Stop systematically rejecting SDDs that are addressed to it by calling the
allowSddOnVirtualIbanEntrymutation - Temporarily reject all payments that are addressed to it by calling the
suspendVirtualIbanEntrymutation - Reactivate the possibility to receive payments that are addressed to it by calling the
resumeVirtualIbanEntrymutation - Definitively reject all payments that are addressed to it by calling the
cancelVirtualIbanEntrypayment
Last modified 1mo ago