The IBAN number stands for International Bank Account Number which is a unique format and is a unique identifying number that is used by banks in processing international transactions.
This system is used to avoid any errors while carrying out transactions like the transfer of money or processing of payments, etc. The IBAN is made up of 34 letters and is in a unique combination to identify the individual customers and their relevant details like their account numbers, the country that they belong to, etc.
The first 2 letters of the code represent the country code, the following two represent the check digits and the balance 30 refers to the information related to the bank and the account holder. This information is known as the BBAN (Basic Bank Account Number) This system is recognized worldwide and agreed upon under the ISO as well as registered by SWIFT.
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