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Partnership with Swan

Banking services and license

Offering banking services is a complex business, with high potential for fraud, money laundering etc. That’s why a license is required. Swan has an e-money license overseen by the ACPR (Autorité de Contrôle Prudentiel et Résolution), which is valid across the European Economic Area (EEA).
Swan's country coverage Getting licensed as a Financial Institution is a tedious process. It takes a lot of time, effort, and money. That’s why we got our own license - so you don't have to - and we designed our product in a way that doesn’t require you to become a regulated agent. To make this possible, we must make sure to never delegate any risky/sensitive banking operations to you.
If you use Swan only for internal purposes, and don't plan on offering these payment services to customers, don’t worry about reading the rest of this article.

Protecting funds

Regardless of what happens to Swan, your money is always secure. This is a non-negotiable requirement of all e-money licenses that Swan takes seriously.
Swan protects you and all of your accounts holders with a safeguarding account that offers two layers of protection.
How it works:
  1. 1.
    All of our account holder's funds are safeguarded in an account at a bank that is completely separate from Swan's own accounts. E-money institutions are required to hold onto your funds, so Swan cannot invest them. That means all of your funds are in this safeguard account.
    • In the case that Swan goes bankrupt, your funds are secure at the safeguarding bank.
  2. 2.
    In the case that Swan's safeguarding bank goes bankrupt, each account holder is protected up to 100 000€ (one hundred thousand euros) by the Fonds de Garantie des Dépôts et de Résolution (FGDR), a French deposit insurance and resolution fund that extends to accounts at French e-money institutions.
    • The FGDR applies to individuals and companies (natural and legal persons) with a few exceptions (for example, banks as legal persons).
    • If our safeguarding bank goes bankrupt, Swan's ledger will be single source of truth and all account holders—regardless of nationality—will be reimbursed by FGDR up to 100 000€.

How it works in practice

To ensure that we do not delegate any risk to you, we must have a direct relationship with your customers (the end-users of the banking product). Amongst other things, this direct relationship (Swan↔your customers) will be used during the KYC process and the Strong Customer Authentication process.

You and your customers

Your customers will use your product to access their Swan accounts. Swan will regularly audit your behavior in this relationship (You↔your customers), to make sure the rules are being respected. You are allowed to make your customers pay for access to your platform. On top of this, you are allowed to make customers pay for the payment services themselves. Learn more here.

Swan and your customers

When your customer opens an account with Swan they must accept Swan's Terms and Conditions, which they will receive by email. Within the T&C we mention Swan’s Web Banking, but since you may or may not choose to provide it to your customers, we won’t otherwise market Swan’s Web Banking to your customer.
As defined in the Terms and Conditions, your customer allows some tasks to be delegated to you :
  • Consultation of the Account and the Electronic Money Account;
  • Transmission of information to Swan for the opening of the Account or Electronic Money Account;
  • Preparation of Card orders;
  • Preparation of transfer orders;
  • Preparation of internal direct debits for which the creditor is the End Customer and for which the debtors are other end customers of Swan;
  • Invalidation of transfers, direct debits, or Card payments;
  • Preparation of electronic money loading by credit card;
  • Preparation of the reimbursement of the balance of the Electronic Money Account;
  • Transmission of requests to contest payment transactions;
Your customer can be charged by Swan or by yourself depending on your marketing perspective. More details here.

Swan and you

When you present Swan's payment services to your customers, Swan handles the most sensitive banking operations. We don't delegate them to you. But you may still perform all the tasks listed above.
Permission to cite Swan in other projects: If you are preparing another project or license application, and wish to cite Swan in communications to partners, regulators, investors, etc., you must first get validation from Swan, by sending an email to [email protected]. Please include all extracts of your presentation that mention Swan (and only these extracts).
In this relationship, Swan charges you a flat base fee, as well as fees per account and per card. See our standard pricing. There are two possible legal statuses for a company offering payment services via Swan. More on this in the next article.