Glossary

IBAN is the acronym for an International Bank Account Number, a universally recognised alphanumeric code used to identify a bank account. IBAN was designed to simplify international transactions, facilitate cross-border communication between banks and minimise the risk of transcription errors. An IBAN comprises up to 32 alphanumeric characters, includes a two-letter country code, two check digits and the detailed bank account-number used in wire transfers. This latter element is the longest section of the IBAN code, and is known as the Basic Bank Account Number (BBAN).