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Airwallex and Swan side by side in the Banking-as-a-Service and Sponsor Banks Index and Virtual Accounts and IBANs Index 2026: scores, evidence, published facts and awards.
In the Banking-as-a-Service and Sponsor Banks Index, Swan scores higher overall: 3.9 out of 5 (78 out of 100) against 3.8 (75), ranking 1 and 3 of 11. Swan also scores higher in every segment. In the Virtual Accounts and IBANs Index, Airwallex scores higher overall: 4.3 out of 5 (87 out of 100) against 2.8 (56), ranking 1 and 5 of 10. Airwallex also scores higher in every segment.
Overall and segment scores out of 100, and the score out of 5.
| Score | Airwallex | Swan |
|---|---|---|
| Score out of 5 | 3.8 | 3.9 |
| Score out of 100 | 75 | 78 |
| Overall rank | 3 of 11 | 1 of 11 |
| For fintechs launching accounts and cards (out of 100) | 76, rank 3 | 79, rank 2 |
| For software platforms embedding finance (out of 100) | 71, rank 2 | 77, rank 1 |
| For regulated payment and e-money firms (out of 100) | 78, rank 3 | 79, rank 2 |
| Type | Global embedded finance platform | Embedded banking under a French e-money licence |
| Score | Airwallex | Swan |
|---|---|---|
| Score out of 5 | 4.3 | 2.8 |
| Score out of 100 | 87 | 56 |
| Overall rank | 1 of 10 | 5 of 10 |
| For payment and e-money firms (out of 100) | 83, rank 1 | 66, rank 6 |
| For marketplaces and platforms (out of 100) | 86, rank 1 | 58, rank 5 |
| For businesses collecting from abroad (out of 100) | 92, rank 1 | 45, rank 8 |
| Type | Global accounts and embedded accounts | Euro accounts and virtual IBANs under a French e-money licence |
Each score with the evidence behind it.
| Criterion | Airwallex | Swan |
|---|---|---|
| Product range | 5/5 Accounts, cards, payments and credit all published. | 4/5 Accounts, cards and SEPA payments published; lending not published. |
| Published pricing | 1/5 Platform fees not published; only the business account fee schedule is public. | 2/5 Card and set-up fees published; plan price only as "starting from". |
| Licence and deposit protection | 4/5 Own e-money and payment licences with numbers in many countries; US accounts through named partner banks. | 4/5 Own e-money licence with register number and named safeguarding banks; e-money is safeguarded, not deposit-insured. |
| Compliance support | 3/5 Airwallex states it handles KYC; transaction monitoring for the programme not described. | 4/5 Swan states it carries the regulatory and fraud risk; transaction monitoring not described. |
| Integration | 4/5 API, ready-made components and a stated launch time; sandbox not confirmed on the pages read. | 5/5 API, sandbox, no-code screens and a stated launch time. |
| Markets | 5/5 70+ countries across Asia, Europe and the Americas. | 4/5 31 EEA countries. |
Each criterion is scored 0 to 5 against the best published offer in the Banking-as-a-Service and Sponsor Banks Index. 0 means not offered or not published. How it is scored
| Criterion | Airwallex | Swan |
|---|---|---|
| Currencies and markets | 5/5 23 receiving currencies across 16 regions published. | 1/5 Euro only, with IBANs from five countries. |
| Account ownership | 3/5 Dedicated account numbers published; naming not stated. | 4/5 Accounts with IBANs for the client's users and virtual IBANs published; naming of each account not stated. |
| Published pricing | 5/5 Opening, monthly and receiving fees published. | 1/5 Only a "starting from" plan price published. |
| Local rails and speed | 5/5 Instant local receipt in the EU, UK, US, Hong Kong and Singapore. | 2/5 SEPA receipt published; instant receipt not published. |
| Regulatory standing | 4/5 Licences with numbers published; safeguarding terms not on the pages read. | 5/5 Own e-money licence with register number and named safeguarding banks. |
| Integration | 4/5 API, self-serve opening and a stated launch time; sandbox not confirmed on the pages read. | 5/5 API, sandbox, no-code screens and a stated launch time. |
Each criterion is scored 0 to 5 against the best published offer in the Virtual Accounts and IBANs Index. 0 means not offered or not published. How it is scored
What each provider publishes on its own pages, read on 26 October 2026.
| Fact | Airwallex | Swan |
|---|---|---|
| Product range | Accounts "with local bank details in 70+ countries"; branded physical and virtual cards; collections including Direct Debit and batch payouts; "Extend lines of credit to your customers". | Accounts with IBANs starting FR, DE, ES, NL and IT; virtual IBANs; physical, virtual and Apple Pay or Google Pay cards; SEPA transfers and SEPA Direct Debit. Lending not described. |
| Pricing | Platforms "Set bespoke pricing for end customers"; Airwallex's platform fees not published. The US business account fee schedule is published separately. | Sandbox free; Swan on demand "Starting from 2990€/m"; Enterprise custom; non-euro card payments 2%; physical cards 5€ each; no set-up fees. |
| Licence and deposit protection | Airwallex (UK) Ltd FCA e-money institution 900876; AWX Lithuania, UAB e-money institution 88; Airwallex (Singapore) Pte. Ltd. MAS Major Payment Institution PS20200541; UniCard Solution Ltd HKMA SVF0009; Airwallex US, LLC NMLS #1928093 with Lead Bank and Evolve Bank & Trust as partner banks. | Licensed electronic money institution authorised by the ACPR (REGAFI 86245) on 04/06/2020; client funds safeguarded at BNP Paribas and Natixis. |
| Compliance support | "Airwallex handles global Know Your Customer (KYC) requirements", with collection adjusted to local rules. | "No banking license required"; clients do not need an internal compliance team; "Swan takes on all the risk for you." KYC and onboarding listed in the sandbox. |
| Integration | Pre-built components to "Launch in days", or native API integration. | Sandbox with API explorer, Postman collection and event simulator; "#nocode interfaces let you create your white-labeled MVP in minutes"; "launch in weeks, not months". |
| Markets | Accounts in 70+ countries; balances in 20 currencies; cards across 60 countries. | Services across the EEA; FAQ lists 31 countries. |
| Date read | 26 October 2026 | 26 October 2026 |
Not published or not stated by Airwallex: pricing, compliance support and integration.
Not published or not stated by Swan: product range, compliance support and integration.
Facts read on 26 October 2026 from: airwallex.com/en-us/…, help.airwallex.com/hc/en-gb/articles/…; and swan.io/pricing, swan.io/use-cases/fintech, swan.io/faq.
| Fact | Airwallex | Swan |
|---|---|---|
| Currencies and markets | Receiving coverage table: 16 regions and 23 currencies; platform accounts "with local bank details in 70+ countries". | Euro accounts with IBANs starting FR, DE, ES, NL and IT; services across the EEA. |
| Account ownership | Accounts come "with dedicated account numbers and local bank codes"; whether they are named or pooled is not stated. | "All accounts come with an IBAN"; virtual IBANs listed; accounts opened for the client's users. |
| Pricing | "Global Account Creation Fee: $0"; receiving "0% for other currencies", "$15 for US Fedwire collections", "0.60% for KRW, VND, BRL and MYR collections"; no monthly fee on the Explore plan. | "Starting from 2990€/m" for Swan on demand; no set-up fees; sandbox free. |
| Local rails | SEPA Instant and SEPA; ACH, Fedwire, FedNow and RTP (eligible customers); Faster Payments, Bacs and CHAPS; Hong Kong FPS; Singapore FAST; Interac e-Transfer; SPEI and others. | SEPA transfers and SEPA Direct Debit; SEPA Instant not mentioned. |
| Regulatory standing | Airwallex (UK) Ltd FCA e-money institution 900876; AWX Lithuania, UAB e-money institution 88; Airwallex (Singapore) Pte. Ltd. MAS PS20200541; Airwallex US, LLC NMLS #1928093 with Lead Bank and Evolve Bank & Trust. | Electronic money institution authorised by the ACPR, REGAFI 86245; client funds safeguarded at BNP Paribas and Natixis. |
| Integration | API; "Open an account in minutes"; pre-built components to "Launch in days". | Sandbox with API explorer and event simulator; no-code white-label screens; "launch in weeks, not months". |
| Date read | 26 October 2026 | 26 October 2026 |
Not published or not stated by Airwallex: account ownership, regulatory standing and integration.
Not published or not stated by Swan: account ownership, local rails and speed and integration.
Facts read on 26 October 2026 from: airwallex.com/docs/…, airwallex.com/us/features/global-accounts/…, airwallex.com/us/terms/fee-schedule, airwallex.com/en-us/…, help.airwallex.com/hc/en-gb/articles/…; and swan.io/pricing, swan.io/use-cases/fintech, swan.io/faq.
Awards follow from the published scores and cannot be bought.
From each provider's strongest criteria and published terms.
Platforms serving business customers in many countries from one integration.
European software platforms wanting accounts and cards fast, with no-code screens.
Platforms and businesses needing local receiving details in many currencies at published prices.
European platforms issuing euro accounts with local IBANs to their customers.
Tell us what you need and where you operate.