International Bank Account Number (IBAN)

An International Bank Account Number (IBAN) is a standardized, internationally recognized format used to identify an individual bank account. This system facilitates the quick and efficient processing of cross-border transactions, primarily across Europe. The structure of an IBAN includes a country code that identifies the country in which the account is located, followed by a bank code that specifies the particular bank where the account is held, and then the specific account number itself. By utilizing the IBAN, financial institutions are able to reduce errors and speed up international money transfers, making it a vital tool for global banking and finance. This format ensures that each account can be uniquely identified across national borders, thereby enhancing the reliability and security of international transactions.