If you are attempting to conduct international business, payment or money transfer, you may have come across the acronym “IBAN”. If not, it’s well worth getting acquainted.
Luckily, this blog aims to do just that. Read on for a crash course guide to IBAN validation.
What is an IBAN?
IBAN stands for International Bank Account Number, referring to the numerical identifier used to differentiate foreign bank accounts and streamline cross-border transactions.
As of 2019, there are 75 countries in total that officially use the IBAN, 34 of which are SEPA members.
Features of an IBAN
The IBAN itself consists of two letters and two digits followed by up to 30 alphanumerical characters.
IBAN vs SWIFT
Often lumped together as one in the same, IBAN and SWIFT codes are, in actual fact, separate entities used to identify different things.
While the IBAN is used to identify an individual account involved in an international transaction, a SWIFT code is used to identify a specific bank during an international transaction.
Checking an IBAN Number
IBAN validation is an effective method of minimising failed transactions when processing domestic and international payments.
For more information on IBAN numbers and IBAN validation, why not speak with one of our financial experts today? Call now on 020 7190 9559 or get in touch online by clicking the linked button below.
Get in Touch >