An IBAN (International Bank Account Number) is a standardized international numbering system developed to identify bank accounts across national borders, primarily in Europe but also in other regions. The IBAN format includes a country code, two check digits, and a basic bank account number, which together help reduce errors and speed up cross-border transactions. By using IBANs, banks can ensure that international payments are routed correctly and efficiently, minimizing delays and reducing the risk of misdirected funds. IBANs are widely used in the Single Euro Payments Area (SEPA) and are required for many international transfers to ensure compliance with global banking standards.