The IBAN (International Bank Account Number) is a unique bank account number used to identify accounts in countries that are part of the SEPA (Single Euro Payments Area) network.
IBANs are primarily used for international transfers, ensuring that money transfers are processed correctly and efficiently across countries. By providing a standardized format, the IBAN facilitates cross-border payments globally.
Key features of an IBAN:
Unique identification: Each IBAN corresponds to a specific bank account.
Used within SEPA: Countries in the SEPA zone use the IBAN for euro payments.
Facilitates international payments: IBANs standardize the way payments are made worldwide.