International Bank Account Number (IBAN)

The International Bank Account Number (IBAN) is a standardized system used to identify bank accounts across international borders. It includes a country's code, a check digit for validation, and a unique account number, ensuring that funds are accurately transferred between banks worldwide. IBANs simplify cross-border transactions by providing a uniform format, reducing errors, and speeding up processing. They are used mainly in Europe and some other regions for international payments, making global banking transfers more reliable and efficient.