IBAN (International Bank Account Number)
BankingAn internationally agreed system of identifying bank accounts across national borders.
The IBAN is an internationally agreed system of identifying bank accounts across national borders to facilitate communication and payment processing between banks.
IBAN Structure:
An IBAN consists of up to 34 alphanumeric characters, comprising:
- Country Code: Two letters (e.g., GB for United Kingdom, IN for India).
- Check Digits: Two digits used for validation.
- Bank Identifier: Code identifying the specific bank.
- Basic Bank Account Number (BBAN): The domestic account number.
IBANs help reduce errors and delays in international transfers by providing a standardized way to identify any account in any participating country.
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