Transaction

The International Bank Account Number (IBAN) was established to standardize the identification of bank accounts across borders, facilitating international transactions and reducing errors. Introduced in 1997 by ISO and ECBS, an IBAN includes up to 34 characters featuring a country code, check digits, and a bank account number. This system enhances the accuracy and security of global payments by allowing automated verification, streamlining transactions, and minimizing errors, thereby improving the overall efficiency of international banking.