IBANs
Overview​
International Bank Account Numbers (IBANs) identify accounts on the Single Euro Payment Area (SEPA) network. This unique identifier makes it easy for banking services like Swan to make sure payments reach their destination safely across Europe.
With IBANs, you can send and receive SEPA Credit Transfers and SEPA Direct Debit transactions.
Swan provides two types of IBANs:
- Main IBANs: Each Swan account is assigned a single primary IBAN.
- Virtual IBANs: Swan accounts can add an unlimited number of virtual IBANs.
Additionally, Swan IBANs begin with one of several country prefixes, making them local to those countries.
Verifying IBANs​
Swan verifies specific beneficiary IBANs to help reduce errors and potential fraud.
Additionally, the format of your IBANs must be correct when you use them with Swan's API.
Use the ibanValidation query the confirm that your IBAN follows the expected format.
Main IBANs​
Every Swan account has one main IBAN. All virtual IBANs are connected to the main IBAN.
When the PaymentAccountType changes from EMoney to PaymentService, it means the account's main IBAN is displayed.
Note that the account's PaymentLevel can be Limited even if the main IBAN is available.
Learn more about PaymentAccountType and PaymentLevel in the accounts overview section.
Local IBAN details​
Local IBANs aren't a different type of IBAN, but rather a characteristic of main (and virtual) IBANs. With local IBANs, you can choose—within regulations—the country prefix for your Swan IBANs.
The country prefix for local IBANs is determined by the account country. Swan must comply with different requirements depending on local laws. Bank Identifier Codes (BIC) are also unique to each account county.
Local IBANs are available for the following countries. Refer to Swan's public roadmap to see which local IBANs are on the way.
🇫🇷 France → IBAN: FR76 1732 8844 00XX XXXX XXXX XYY | BIC: SWNBFR22
🇩🇪 Germany → IBAN: DEYY 1001 4000 XXXX XXXX XX | BIC: SWNBDEBB
🇮🇹 Italy → IBAN: ITXX Y368 3200 000X XXXX XXXX XXX | BIC: SWNBITM2
🇳🇱 Netherlands → IBAN: NLYY SWNB ZXXX XXXX XX | BIC: SWNBNL22
🇪🇸 Spain → IBAN: ESYY 6724 8440 ZZXX XXXX XXXX | BIC: SWNBESB2
Virtual IBANs​
You can create multiple virtual IBANs for one account, which can be used to accept payments. Differentiate between main and virtual IBANs thanks to different branch codes. Note that virtual IBANs can't be used to make payments.
To add virtual IBANs, the PaymentAccountType must be PaymentService and the PaymentLevel must be Unlimited.
Virtual IBANs can be canceled, but they can't be suspended.
View an account's virtual IBANs on your Dashboard > Data > Accounts > Virtual IBANs, or with the API by querying account > virtualIbanEntries.
If you use Swan's Web Banking frontend, your users can view their virtual IBANs on Account > Virtual IBANs.
Account holders can use virtual IBANs to receive SEPA Credit Transfers and to set up incoming SEPA Direct Debit transactions.
Use virtual IBANs to make paying invoices with credit transfers smoother by providing a different virtual IBAN to each client. You'll know exactly who is paying you, plus when and how much, simplifying reconciliation.