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.