What is an IBAN Number? An International Bank Account Number (IBAN) is a standardized international bank account number used to identify individual bank accounts across national borders.
IBANs play a crucial role in facilitating international financial transactions. They simplify the process of sending and receiving payments between countries by providing a globally recognized and consistent way to identify bank accounts. A key historical development in the evolution of IBANs was the European Union’s adoption of the Single Euro Payments Area (SEPA), which standardized IBANs for payments within the European Union.
