Status Options

Status Options

There are two possible legal statuses for a company offering banking services via Swan:

  • Unregistered partner (Indicateur d'affaires in France) which doesn't require you to go through any regulatory process

  • Registered Swan Intermediary (MOBSP in France) which takes a bit longer but allows you to go further with white-labeling your banking services

Which status is best for my company?

Neither status is better than the other. When choosing whether you want to be an Unregistered partner or a Registered Swan Intermediary, you should weigh the following:

  1. Which services do you want to offer your customers? How do you want to offer them?

  2. Do you want to go through the regulation process?

Here's a little quiz to point you in the right direction.

If you answer "yes" to any of the following questions, you will want to be registered as a Swan Intermediary:

  1. Do you want the banking services to be fully white-labeled (i.e. you would not have to mention your partnership with Swan in your product)?

  2. Do you want to allow your customers to purchase banking services directly on your website, rather than redirecting them to Swan's website to complete the purchase?

  3. Do you want to be able to describe the banking services in detail (e.g. details on prices) on your website, rather than redirecting them to Swan's website for this information?

  4. Do you want to handle KYC document collection yourself (e.g. proof of address, company registration documents, etc.)?

If you didn't answer "yes" to any of these questions, you can go ahead providing banking services to your clients as an Unregistered Partner.

Unregistered partner vs Registered Swan Intermediary

1. Unregistered partner

Elsewhere known as an indicateur d'affaires, entremetteur, or go-between, an Unregistered partner refers to an entity that connects people who wish to do business together. In this case, you would be the entity connecting Swan and your clients. An Unregistered partner has no official permissions to intervene in banking services processes, which means their rights will be a little limited.

On the other hand, the big perk of being an Unregistered partner is that you do not need to seek regulation from any institution.

What you can do as an Unregistered partner

  1. Provide access to your own platform, app, or SaaS, where end-users can manage their Swan accounts, prepare payment orders, etc.

  2. Provide Swan's banking services to your end-users by allowing them to use their accounts on your platform

  3. Collect client information yourself, then forward it to Swan (e.g. e-mail address). Just make sure to specify this in your GDPR notice to your clients

Restrictions

  1. Grey-labeled branding. Your company must mention its partnership with Swan on your platform and at any relevant moment in the customer journey (for example when performing transfers or obtaining an IBAN)

  2. You cannot present nor sell banking services directly on your platform. Rather, you must route users to Swan if you want to display details and to let them purchase banking services directly (for example, a card)

  3. You may not mention Swan's T&C in your own T&C. You should simply mention your partnership with Swan and redirect users to Swan.io

  4. You may not handle KYC document collection without first securing an agreement between Swan and the account holder (Proof of Address, Company Registration documents, etc.)

2. Registered Swan Intermediary

Think of this status as midway between an Unregulated partner and a full-fledged Bank Agent. Why would you want to be a Swan Intermediary rather than a Bank Agent? The registration process is much shorter, much simpler, and you don't need to acquire any knowledge in compliance yourself.

If your company is based in France, becoming a Registered Swan Intermediary translates to receiving MOBSP status, which means "Intermediaries in Banking Operations and Payment Services". Companies with MOBSP status are regulated by l'Orias.

What you can do as a Registered Swan Intermediary

  1. Present and sell banking services directly on your platform. You won't have to route your end-users to Swan

  2. Provide access to your own platform, app, or SaaS, where end-users can manage their Swan accounts, prepare payment orders, etc.

  3. White-labeled branding. You can brand our banking services as your own, simply mentioning Swan as a partner in your T&C

  4. Mention Swan's T&C in your own T&C

  5. Collect client information and KYC documents yourself, then forward them to Swan. Just make sure to specify this in your GDPR notice to your clients (Proof of Address, Company Registration documents, etc.)

Restrictions

  1. You cannot manage sensitive actions yourself (e.g. KYC, Strong Customer Authentication) although you may participate in collecting required documentation.

Summary:

Following the rules

We outlined above what you can and can't do with Swan depending on your status. Now, we'll show you exactly what it looks like to follow the rules, so you can be confident you're compliant once you go live. 🤝

Rules you must follow as an Unregistered partner

As an Unregistered partner, your product will be grey-labeled rather than white-labeled, meaning it will be presented as co-branded in partnership with Swan.

You can advertise your app, SaaS, or platform, as providing access to banking services. You can market that your company allows users to consult accounts, prepare payments, etc. Learn more.

However, when the time comes to actually sell these banking features to customers, you must explicitly mention that Swan provides them, and redirect your customers to Swan's website.

To comply with data protection regulations, your company must provide its own privacy policy, as well as indicate to customers that their data will be shared with Swan.

The following images demonstrate correct and incorrect usage of Swan for an Unregistered partner.

Incorrect:

Correct:

Step 1 present your own product:

Step 2 present the banking services:

Terms & Conditions:

As an unregistered partner, you are not allowed to present Swan's T&Cs in your own T&Cs. You are also not allowed to detail Swan's commercial offer in your T&Cs.

Compliant treatment of Swan's Terms & Conditions

The unregistered partner redirects customers to Swan's website and does not mention Swan's T&C in their own T&C.

For an unregistered partner, compliant use of Swan's T&C means not mentioning them at all.

Rules you must follow as a Registered Swan Intermediary

A partner Registered as Swan Intermediary is authorized to sell and present Swan's commercial offer as their own, without any obligation to mention Swan.

To comply with data protection regulations, your company must provide its own privacy policy, as well as indicate to customers that their data will be shared with Swan.

A Registered Swan Intermediary (MOBSP in France) must indicate their status. At a minimum, they must provide the following in their footer and/or legal notices:

  • The name of their status (MOBSP in France)

  • Their Orias registration number (in France)

  • Legal name as provided to Orias (in France)

  • Postal address

The image below shows how:

Terms & Conditions

Presenting Swan's Term's & Conditions

As a Registered Swan Intermediary, the partner is authorized to present Swan's T&C in their own T&C or directly on their website.

Presenting Swan's Commercial Offer

As a Registered Swan Intermediary, the Partner is authorized to present Swan's commercial offer in their own T&C or on their website.

How does a company receive its status?

To become an Unregistered partner

You do not have to go through any regulatory process.

To become a Registered Swan Intermediary

A short process is required to become a Registered Swan Intermediary. It is much simpler than becoming a full-fledged banking services agent, but you should still plan to spend a couple of hours gathering all necessary documentation, and wait for a couple of weeks for approval from the regulatory authority. Learn more.