Audience:
Multiple accounts
Create additional Swan accounts for an existing company account holder without repeating onboarding or Know Your Business (KYB) verification.
Contact your Strategic Account Manager (SAM) to request the Multiple Accounts feature.
Overview
The Multiple Accounts feature allows a single company to create additional Swan accounts under the same legal entity. These accounts share the same registration number and IBAN country as the first account created during onboarding.
Each account operates independently with its own IBAN, balances, and transaction flows, making it easy to create additional accounts for specific business needs.
They have the same capabilities as regular accounts, including issuing and accepting all payment types, such as card payments and SEPA Credit Transfers.
To accept payments, each account requires its own merchant profile review, so a new profile and payment method must be requested for each additional account created.
Benefits and use cases
Operational benefits
- Skip onboarding for each new account.
- Share KYB verification across all accounts, reducing duplicate checks.
- Perform verification renewal (Re-KYC) on one account holder across all accounts.
Use cases
- Freelancers can use this feature for tax management.
- Small and medium businesses (SMBs) often use separate accounts for advanced spending management, like managing financial flows by supplier, department, or region.
- Homeowner associations (HOAs) can use an "operating account" for day-to-day expenses and a "reserve account" for common area expenses (for example, repairs).
Eligibility
The Multiple Accounts feature is available for company account types, which include:
- Registered companies
- Self-employed workers
- Associations or non-profit organizations
Individuals aren't eligible for the Multiple Accounts feature, but they can still open additional accounts: a new onboarding process is required, though Know Your Customer (KYC) isn't repeated.
Membership management
Memberships are tied to each account, not to the account holder. Even if a user is a member of the first account created during onboarding, they must be invited to every new account. For example, an employee can access the operating account (created first), but not the new reserve account.