Is an internationally agreed system of codes facilitating Transfers.
IBAN works by helping to identify the account which is held with Financial Institution. It is composed of up to 34 alphanumeric characters identifying the country code, the domestic Financial Institution account number, branch identifier, potential routing information, and two check digits. The length of IBAN depends on the national standards which are accepted. IBAN is mostly used in Europe however, it becomes currently accepted in other countries as well.