Audience:
Account holder verification
The verification process for a new account holder is thorough, and Swan offers a streamlined process through which each account holder proves they're who they claim to be.
Account holders can access their account immediately after creation. But while account holder verification is in progress, there are limitations on the account. IBANs might be issued before limitations are removed from the account.
The account holder verification process can include the following elements:
- Onboarding: Process is finalized for either an individual or a company, which creates a user, an account holder, an account, and an account membership linking the user to the account.
- Identification: User who opened the individual or company account completes identification with an ID document and a picture or video.
- First transfer: Users may need to send a first transfer to their new Swan account.
- Document collection: Swan collects required documents.
- Clarification: Swan might contact the user to clarify details from onboarding, identification, or document collection.
- Review: Swan reviews all provided elements.
After Swan validates the review, the account holder is verified and their account receives its primary IBAN. Track progress with the verification statuses.
Verification sequence diagram
This diagram details a common flow of how Swan, the account holder, and you interact during verification. The flow includes alternate scenarios (A or B) where the path is determined by your integration choices. Your final integration might flow differently.