The I nternational B ank A ccount N umber called IBAN is one that the international framework standard number for checking accounts . Since 2008, she replaced as a result of the introduction of the SEPA scheme (Single Euro Payments Area) payments, increasing the long-standing account and routing number from.
The IBAN code was developed to allow the large international differences and unify the global payment systems can be improved. The first objective was to determine the transfers abroad for all parties to make easier.
Single IBAN code as a simplification of transfers abroad
The IBAN is for a standard, developed by ISO (International Organization for Standardization) and the ECBS (European Committee for Banking Standards). Through them you can find in every state in the same way the account, the bank and the country of the payee.
The code consists of a 2-letter country code, a 2-digit test and a maximum 30-digit account identification, the result of both letters, as can also be made of digits. The IBAN code can contain a maximum of 34 characters. The German IBAN always has exactly 22 points.
But although the IBAN is intended to be a globally consistent identification of each bank account, and it is intended to simplify transfers abroad felt that this mechanism can still be used over and not for all international accounts. This is due to the fact that so far only 50 countries and territories to define the IBAN structure has occurred.
Up to a global acceptance of the IBAN can take, according to ECBS still a good five to ten years.
Although the introduction of the IBAN code has been driven by the U.S., the IBAN is currently used primarily for operations within the European area.
Without BIC is not …
Because the IBAN has so far not for all current systems the necessary routing information, it still remains for the time being in the use of IBAN and BIC for international transactions.
The BIC , B ank I dentifier C ode, each transfer to foreign countries are given in words.
It is also a standard identifier, which is normalized according to.
With it can be globally each participating partner of the payment system to identify, directly or indirectly, as it can be converted using the appropriate software for each institution in the internal database identification.