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A typical British bank statement header (from a fictitious bank), showing the location of the account's IBAN. The International Bank Account Number (IBAN) is an internationally agreed upon system of identifying bank accounts across national borders to facilitate the communication and processing of cross border transactions with a reduced risk of transcription errors.
Those countries which use International Bank Account Numbers (IBAN) have mostly integrated the bank code into the prefix of specifying IBAN account numbers. The bank codes also differ from the Bank card code (CSC). The term "bank code" is sometimes (inappropriately) used by merchants to refer to the Card Security Code printed on the back of a ...
In addition, many international financial institutions use an IBAN code. The IBAN was originally developed to facilitate payments within the European Union but the format is flexible enough to be applied globally. It consists of an ISO 3166-1 alpha-2 country code, followed by two check digits that are calculated using a mod-97 technique, and ...
The codes can sometimes be found on account statements. The overlapping issue between ISO 9362 and ISO 13616 is discussed in the article International Bank Account Number (also called IBAN). The SWIFT network does not require a specific format for the transaction so the identification of accounts and transaction types is left to agreements of ...
International Bank Account Number (IBAN) ISO 9362 - International bank identifier code standard; ISO 13616 - International bank account numbers standard; Society for Worldwide Interbank Financial Telecommunication (SWIFT) Swiss bank account; Money laundering; Online banking; Telephone banking
IBAN and BIC codes are typically given as well so the bank knows where the money needs to be sent. The sending bank transmits a message, via a secure system (such as SWIFT or Fedwire ), to the receiving bank, requesting that it effect payment according to the instructions given.
Account numbers are generally presented in the format: BB-bbbb-AAAAAAA-SSS. where B is the bank number (2 digits), b is the branch number (4 digits), A is the account number (7 digits) and S are digits of the suffix (2 or 3 digits).
Sort codes are the domestic bank codes used to route money transfers between financial institutions in the United Kingdom, and formerly in the Republic of Ireland. They are six-digit hierarchical numerical addresses that specify clearing banks, clearing systems, regions, large financial institutions, groups of financial institutions and ultimately resolve to individual branches.