IBAN Issuing

After a successful identity verification process, Swan can issue an IBAN before the Compliance review

Payment account type

We currently have two types of accounts defined by a field called PaymentAccountType:
  • EMoney account: IBAN is not available and limited to €150 of outgoing payments over a 30-day period
  • PaymentServices account: IBAN is available
You will be able to retrieve this field with the following query:
query MyQuery {
account(accountId: "{{YOUR_ACCOUNT_ID}}") {

IBAN issuing process

Once the onboarding is finalized, an account is created with EMoney as the default value on the PaymentAccountType field.
Once the legal representative has successfully completed their identity verification, Swan will perform internal controls on the:
  • Individual: internal controls of the individual
  • Company: internal controls of the Legal Representative and UBOs
Once the internal controls are successfully done, Swan will set the PaymentAccountType field to PaymentServices and Swan will issue the main IBAN for this account.

Main IBAN and virtual IBAN issuing timeline

The main IBAN can be issued as soon as the PaymentAccountType is set to PaymentServices, while PaymentLevel can still be limited. Virtual IBANs can only be issued when the PaymentAccountType is set to PaymentServices, and PaymentLevel is unlimited.