International Bank Account Number (IBAN)
A standard numbering system developed to identify bank accounts from around the world. It was originally developed by banks in Europe to simplify transactions involving bank accounts from other countries.
Investopedia Says:
The IBAN number consists of a two-letter country code followed by two check digits and up to thirty alphanumeric characters known as the basic bank account number (BBAN). It is up to the banking association of each country to determine what BBAN will be set as the standard for that country's bank accounts. Currently, the IBAN is primarily used only by banks in Europe, but the practice is becoming popular in other countries. Related Terms:
Bank
European Central Bank - ECB
Foreign Branch Bank
International Banking Facility - IBF
Merchant Bank |