What is an IBAN number (International Bank Account Number)?

12 Nov 2021 By PAYCEC

  • IBAN (International Bank Account Number) is an international account code established by the International Organization for Standardization (ISO) and the European Committee for Banking Standards to facilitate international transactions and eliminate errors during money transfers.
  • The IBAN consists of a code that identifies the nation in which the account is located, the account holder's bank, and the account number. 
  • IBAN simplifies and expedites the processing of cross-border payments. IBAN numbers were solely used for money transfers between European countries. IBAN, on the other hand, is trusted by many countries around the world because of its convenience and accuracy.

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