ibant

IBAN, or International Bank Account Number, is a standardized format for representing bank account numbers across national borders. It was developed by the European Committee for Banking Standards (ECBS) to facilitate cross-border payments and reduce errors in international transactions. The IBAN consists of a country code, two check digits, and a national bank account number. The country code is an alpha-2 code as defined by ISO 3166-1, while the check digits are used to verify the validity of the IBAN. The national bank account number varies in length and format depending on the country. IBANs are used in various financial transactions, including direct debits, standing orders, and cross-border payments. They are also used for identifying beneficiaries in international money transfers. The IBAN format is widely adopted in Europe and is increasingly being used in other parts of the world. The use of IBANs helps to streamline international payments, reduce errors, and improve the efficiency of the global financial system.