IBAN is used by virtually all Countries in europe currently and some countries from Western Asia.
The key intent behind проверка счета
is always to facilitate automatic processing of money transfers, prevent delays as well as any extra costs due to the use of wrong account numbers in money transfers.
IBAN in Money Transfer
The typical structure of account numbering methods and number formats is different from country to country and each bank codes are very different and also this contributes to errors and delays within the completing bank transfers.
As the business and financial transfers are globally increasing, the need has arisen to build up a unique number for transfer of funds in domestic and foreign currencies.
IBAN has been given to eliminate this kind of issue and facilitate electronic banking transfers through the precise and clear symbol of the beneficiary account number in transfer orders. IBAN allows sender banks to confirm the validity of the provided beneficiary account number.
IBAN countries (countries which use IBAN) generate an IBAN for each and every with the bank account numbers. It provides the two check digits which can be calculated with a specific mathematical algorithm. The consumer, who promises to create a payment transfer, gives the beneficiary's IBAN for the sender bank, the sender bank will validate the check digits of IBAN before the payment transfer reaches the beneficiary's bank. If the beneficiary's IBAN is inaccurate, the payment transfer will be stopped before transmitting it towards the beneficiary's bank.
The Example of IBAN
Name of country IBAN length IBAN print format example
Germany 22 DE89 3704 0044 0532 0330 00
Italy 27 IT60 X054 2811 1010 0000 0143 456
United Kingdom 22 GB29 NWBK 6016 1341 9268 19
Saudi Arabia 24 SA03 8000 0000 6080 1016 2419
Tunisia 24 TN59 1000 6035 1835 9847 5531
France 27 FR14 2004 1010 0505 0001 3M02 555
IBAN can be a mix of numbers and letters. It maintains details about: country (initial two digits are Country Code), check sum (the following two digits are Check Digits to ensure the validation of the IBAN), bank (four digits for Bank code) and account number. The format and duration of an IBAN varies from country to country.
IBAN is unique for each and every account and includes letters and numbers. Thus, every account may have an IBAN and every IBAN designates one account.