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The IBAN was developed to help improve the payments system within the European Union. Customers, especially individuals and SMEs, are frequently confused by differing national standards for bank account numbers. While the system is capable of being used for routing purposes, it cannot at present be used to do so since the IBAN has not been widely adopted outside of Europe, and the ECBS expects that the process of adoption may take five to ten years. Until then, it is necessary to continue to use the current ISO 9362 [Bank Identifying Code]? or BIC system in conjunction with the IBAN in order to ensure proper routing. |
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The IBAN was developed to help improve the payments system within the European Union. Customers, especially individuals and SMEs, are frequently confused by differing national standards for bank account numbers. While the system is capable of being used for routing purposes, it cannot at present be used to do so since the IBAN has not been widely adopted outside of Europe, and the ECBS expects that the process of adoption may take five to ten years. Until then, it is necessary to continue to use the current ISO 9362 [Bank Identifier Code]? or BIC system in conjunction with the IBAN in order to ensure proper routing. |
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The latest ECBS version of the standard is [EBS 204 V3]. |
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The latest ECBS version of the standard is [EBS 204 V3]. |
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