Swan provides the following payment methods:
- credit transfer
- direct debit
- instant credit transfer
- payment cards
A payment can be initiated by:
- a Swan user
- a merchant
"A Payment" comprises all transactions linked to one initiated payment.
The user initiates a SEPA Credit Transfer of €152,45 towards an IBAN.
1st transaction: the SEPA Credit Transfer is sent on the SEPA network.
2nd transaction: the financial institution returns the money because the IBAN doesn't exist.
Accounts at Swan were designed to never go below zero. In fact, payments will be refused if the Account's available balance is not sufficient to cover the total payment amount.