In one of our previous articles, we already briefly discussed the necessity of an IBAN and how to obtain one. Today, we will cover this topic in more detail. In this article, we will explain how IBANs work and the differences between an IBAN and a SWIFT code. What is an IBAN? An IBAN or
Society for Worldwide Interbank Financial Telecommunication- SWIFT and SEPA- Single Euro Payments Area are facilitating payments within Europe and worldwide. So the benefits of it are far extending. Especially, for merchants dealing without borders, it is a blessing. Also payments industry is evolving. Therefore, existence of SWIFT and SEPA can make your life even easier.
IBAN- International Bank Account Number is an internationally recognised bank account number that can be used to complete transactions across borders. Banking across borders can be a real hassle at times. Since, the formalities and number of figures to remember can be quite a lot! Therefore, International Organization for Standardizitation (ISO) has issued this number