What is ISO 13616-1: 2018 ?

What is ISO 13616-1: 2018?

ISO 13616-1: 2018, commonly known as the International Bank Account Number (IBAN), is an international standard for identifying bank accounts. It was first introduced by the International Organization for Standardization (ISO) to facilitate the automatic processing of cross-border transactions. The primary purpose of ISO 13616-1: 2018 is to provide a standardized format for identifying bank accounts across different countries.

ISO 13616-1: 2018 is structured in a specific way that allows for easy interpretation and validation of IBANs. The standard divides the IBAN into several sections, including Country Code. This two-letter code represents the country where the account is held.

ISO 13616-1: 2018 aims to reduce errors and improve efficiency in international payments by providing a consistent numbering system for bank accounts. The standard includes both alphanumeric characters and specific country codes to ensure accuracy and compatibility. By implementing ISO 13616-1: 2018, banks and financial institutions can more easily process cross-border transactions and provide accurate information to their customers.