International Bank Account Number (IBAN)
Definition of 'International Bank Account Number (IBAN)'
The IBAN is made up of 18 characters, divided into four parts:
* The first two characters are the country code.
* The next two characters are the check digits.
* The next five characters are the bank code.
* The last 11 characters are the account number.
The IBAN is used to identify a bank account in the same way that a Social Security number identifies a person. It is a unique code that can be used to send money to or from an account in any country that uses the IBAN system.
The IBAN system was developed by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). SWIFT is a cooperative of over 11,000 financial institutions in over 200 countries. The IBAN system is used by SWIFT to facilitate international money transfers.
The IBAN system is a secure way to identify bank accounts. It is difficult to forge an IBAN number, and it is easy to verify the validity of an IBAN number. This makes the IBAN system a valuable tool for preventing fraud and theft.
The IBAN system is becoming increasingly popular. It is now used by over 200 countries around the world. The IBAN system is the standard for international money transfers.
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