French banking-as-a-service provider Swan has added Belgium to its list of local IBAN markets. Belgian businesses using Swan-powered products can now receive BE-prefixed IBANs, which sit alongside the provider's existing local IBAN offering in France, Germany, the Netherlands, Spain, and Italy. Local IBANs matter because they build trust with domestic customers and counterparties. A Belgian SMB receiving payments from local clients will have an easier time with reconciliation and payment recognition when the IBAN starts with BE rather than a foreign prefix.
Existing Belgian customers likely drove the decision
Swan already serves several Belgian customers, including Accountable, accounting software provider Yuki, and Dutch SME banking platform GoDutch, which announced its Belgian expansion in December 2024. These existing partnerships likely played a role in prioritising Belgium for local IBAN support. GoDutch, for instance, specifically announced the launch of Belgian IBANs as part of its European growth plans.
Six local IBAN markets is unmatched in Europe
Swan is now the only BaaS provider in Europe offering local IBANs across six markets. Registering for local IBAN schemes in each country requires significant regulatory and operational effort, which makes smaller markets less attractive for most providers. Belgium, with its roughly 12 million inhabitants, might seem like an unusual priority compared to larger economies. But the combination of existing customer demand and Belgium's Peppol e-invoicing mandate creates a clear use case. Belgium is the first EU country to require B2B e-invoicing via Peppol, with a "big bang" launch in January 2026 that affects all businesses at once. This increases usage of digital invoicing solutions. And with an embedded banking solution, these providers create more customer value.
