International Bank Account Number (IBAN)
The International Bank Account Number (IBAN) is a standardized format for identifying bank accounts across international borders. It includes the country code, bank code, and account number, making it easier to process international transactions accurately and efficiently. For example, an IBAN for a bank account in Germany might look like this: DE89370400440532013000. Here, "DE" is the country code for Germany, "8937" is the bank code, "0400440532013000" is the account number. The IBAN system helps reduce errors and delays in cross-border payments by providing a clear and consistent format for identifying accounts.
