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IBAN – Insights

Posted on August 18th, 2008 by Sanjit Anand |Print This Post Print This Post |Email This Post Email This Post

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The European Committee establishes IBAN1 standards for Banking Standards (EBS) and the International Organization for Standardization (ISO).

IBAN provides an international standard account identifier for identifying an account held by a financial institution, in order to facilitate
automated processing of cross border transactions through:

  • Automatic processing of foreign bank account identifications
  • Uniform validation of foreign bank account identifications
  • Easy routing of transactions

The IBAN can be implemented without modification to domestic account numbers or account number formats. This is achieved by creating a standard prefix after which the domestic account number can sit unchanged.

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