Financial Glossary: IBAN


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IBAN

IBAN

IBAN stands for International Bank Account Number

A standard numbering system developed to identify bank accounts from around the world.

It was originally developed by banks in Europe to simplify transactions involving bank accounts from other countries.

This is a unique international account number to identify the Holder of a bank account in a country. It consists of a couple of digits referring to: country code + check digit + bank code + account number. For cross-border payments or receivables you have to mention the IBAN and the BIC (Bank Identifier Code, also known as SWIFT address) of the beneficiary: only the beneficiary can provide you with this information.

Posted by Adam Smith Conferences

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