IBAN imposes a flexible but regular format sufficient for account identification and contains validation information to avoid errors of transcription. Routing errors were therefore frequent causing payments to be delayed and incurred extra costs to the sending and receiving banks and often to intermediary banks also.
#Hsbc iban validator iso#
Furthermore routing information as specified by ISO 9 3 6 2 does not contain check digits, so simple errors of transcription were not detectable and it was not possible for a sending bank to validate the routing information prior to submitting the payment. This often led to necessary routing information being missing from payments.
It is up to each country's national banking community to decide on the length of the BBAN for accounts in that country, but its length must be fixed for any given country.īefore IBAN, customers, especially individuals and small/medium businesses (SME's), used to be confused by the differing national standards for bank account identification such as bank, branch, routing codes and account number. It consists of a ISO 3 1 6 6 -1 alpha-2 country code, followed by two check digits and up to thirty alphanumeric characters for the domestic bank account number (incorporating routing information), called the BBAN (Basic Bank Account Number). The IBAN was originally developed to facilitate payments within the European Union but the format is flexible enough to be applied globally. The official IBAN registrar under ISO 1 3 6 1 6 -2:200 7 is SWIFT It was originally adopted by the European Committee for Banking Standards, and was later adopted as an international standard under ISO 1 3 6 1 6 -1:200 7.
The International Bank Account Number ( IBAN ) is an international standard for identifying bank accounts across national borders in a way that would minimize the risk of propagating transcription errors.
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