The International Bank Account Number (IBAN) is a standardized international numbering system developed to identify bank accounts across national borders, simplifying and facilitating global financial transactions. An IBAN consists of up to 34 alphanumeric characters, including a two-letter country code, two check digits, and a Basic Bank Account Number (BBAN) that includes the bank's identifier and the individual account number. This format ensures that each IBAN is unique and provides a standardized method for banks to verify account details, reducing errors and improving the efficiency of cross-border transfers. By using IBANs, financial institutions can streamline international payments, ensure accurate routing of funds, and comply with international banking regulations. The IBAN system is widely used in Europe and other regions, contributing to the seamless integration of global banking networks.
