The International Bank Account Number (IBAN) is a digital code number issued for a customer’s account in the banking industry at a national level and based on international standards related to accounts, thus achieving nationally a recognized standardized number of digits. IBAN digits are attached and issued once for each account to enable banking systems to read these numbers easily with accuracy and speed. It is used effectively and safely in all direct applications and the execution of automatic outgoing and incoming remittances, leading to reduced manual processes and diminished errors coming up, reducing operational costs and improving efficiency while processing financial transfers.

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