XmlGen

IBAN stands for International Bank Account Number, which is a standardized format for bank account numbers used for international transactions. An IBAN is a unique code that identifies a bank account in a specific country and enables international payments to be processed accurately and efficiently.

The IBAN consists of a country code, two check digits, and a domestic bank account number. The country code and check digits help ensure the accuracy of the bank account number, and the domestic bank account number identifies the specific account.

The length and format of the IBAN can vary depending on the country and the financial institution, but they typically range from 16 to 34 alphanumeric characters. The IBAN is used in conjunction with other information, such as the Bank Identifier Code (BIC) or SWIFT code, to facilitate international money transfers.

IBAN data is important for international banking and finance, as it helps ensure that payments are processed accurately and efficiently. IBAN data is used by banks, businesses, and individuals around the world to send and receive international payments, including wire transfers, direct debits, and other forms of electronic payments. The use of IBANs has helped simplify and streamline the process of sending and receiving money across borders, and it has become a standard requirement for many international transactions.