Europeans Introduce Standard Account Numbers

International Bank Account Numbers (IBANs) will be introduced across Europe by end of 2001. The IBAN is an internationally standardised bank account number with a fixed number of characters to identify the country and basic bank account number. The European Committee for Banking Standards (ECBS) has developed it so that cross-border payments can be processed faster and more efficiently. The IBAN will make automated processing of payments easier increasing the number of payments that are Straight Through Processing (STP) capable. It will also provide verification of the beneficiary account using a uniform check module.


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