International Bank Account Number , IBAN (Abkürzung)

International Bank Account Number (IBAN)

On the matter of standardisation, there is IBAN, the international banking account number, and the BIC, the bank identifier code.

International Bank Account Numbers take the form GBxx NWBK ssss ssaa aaaa aa, where x refers to a check digit, s to the branch sort code and a to the individual account number.

We now have an international bank account number, the IBAN, we have a bank identifier code, the BIC, the reporting requirements to the Central Bank have been lifted when amounts up to EUR 12 500 are involved, and that coincides with the permitted maximum of the money-laundering directive.

ISO 13616-1:2007 "specifies the elements of an international bank account number (IBAN) used to facilitate the processing of data internationally in data interchange, in financial environments as well as within and between other industries" but "does not specify internal procedures, file organization techniques, storage media, languages, etc. to be used in its implementation".