The
International Bank Account Number (
IBAN) is an internationally agreed system of identifying
bank accounts across national borders to facilitate the communication and processing of cross border transactions with a reduced risk of
transcription errors. It was originally adopted by the
European Committee for Banking Standards (ECBS), and later as an international standard under ISO 13616:1997. The current standard is ISO 13616:2007, which indicates
SWIFT as the formal registrar. Initially developed to facilitate payments within the
European Union, it has been implemented by most European countries and many countries in the other parts of the world, especially in the
Middle East and in the
Caribbean. As of September 2014, 66 countries were using the IBAN numbering system.