An IBAN number, or International Bank Account Number, is a unique identifier for a bank account used primarily for secure payments, especially internationally.
Understanding International Bank Account Numbers (IBAN)
Based on the provided reference, an IBAN number stands for International Bank Account Number. This unique identifier is assigned to your bank account.
Purpose and Functionality
IBANs are utilized for several key purposes:
- Fast and Secure Payments: They are used to enable fast and secure payments across borders, as well as domestically in many countries.
- Unique Identification: Each IBAN is unique to you and your account, ensuring accurate identification of the recipient's bank account.
- Safeguarding System: The reference highlights that using an IBAN incorporates a safeguarding system. This system works by checking account data before funds are sent between international banks, adding a vital layer of security and helping to prevent errors in transactions.
Essentially, the IBAN standardizes bank account details globally, making cross-border transactions more efficient and reliable.
