An International Bank Account Number (IBAN) is a standardized international bank account number. It is used to identify an individual bank account in a specific country. IBANs are used to facilitate international money transfers and ensure that funds are sent to the correct account.
IBANs are important because they help to reduce errors in international money transfers. They also make it easier to track and trace payments. IBANs are used in over 70 countries around the world, including all of the European Union countries.