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IBAN – Insights

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:

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.