What does IBAN stand for?
The international banking and financial acronym IBAN stands for "International Bank Account Number." This is an internationally standardized system developed to identify bank accounts across national borders smoothly and securely, facilitating accurate electronic wire transfers and cross-border payments. An IBAN structure includes a country code, check digits, and a basic bank account number containing domestic routing and account specifications. By standardizing account identification formats, financial institutions worldwide reduce transaction processing errors, accelerate clearing times, and ensure secure cross-border monetary transfers.
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