The International Bank Account Number (IBAN) is an internationally accepted protocol of identifying international bank accounts to facilitate smooth processing and communication of cross-border financial transactions at a low risk of incorrect transcription errors. Since there are many countries that have a wide variation in their banking systems, each country has its own version of IBAN. However, most banking institutions still follow the common standards and procedures for using the IBAN for identification purposes.
The International Bank Account Number was first introduced in 1975. The IBAN is a nine-digit alphanumeric code that identifies an account held by an institution located within a particular country. Although there are various versions of the IBAN, they all have the same primary function: to enable international banking. The IBAN can be entered directly into the banking system or transmitted by fax or e-mail.
Since the introduction of the BIN, British banks have used the BIN to provide information regarding accounts held by customers. Since it is so easy to enter the account number, no additional documentation is necessary when the bank sends an electronic notification. When an account is not covered by an agreement with the bank, the institution will use the BIN to identify the account.
The primary aim of the BIN was to facilitate cross-border banking in the UK. This was done through the establishment of the Bank Code. The Bank Code was intended to cover all accounts held by banks in the UK, but as soon as the BIN was introduced, all banks had a standard BIN that could only be altered by the authority in question – the Bank of England.
The Bank of England is responsible for updating the Bank Code every three years. During the last update, the Bank of England created a new set of BINs that were compatible with the new Bank Code and were able to be used by other institutions in the UK that were still operating under the old Bank Code.
There are two types of BINs: the Primary and the Alternate. The Primary BIN is the one most banks use in North America, while the Alternate BIN is the BIN used in Australia, New Zealand and Europe. In addition, there are other BINs that are used in non-Commonwealth countries.
It is important to note that the Bank Account Number and the BIN should be entered in a format that is compatible with the respective country. where the account holder is residing. In Canada, for example, the name of the bank should be used to ensure that the name of the Canadian bank is included in any transaction and to prevent confusion between the account holder and another Canadian bank.
There are two forms of the BIN, the Primary BIN and the Alternate BIN. These are the main differences between the two. In the case of the Primary BIN, the account holder must provide his/her full name to the bank, while in the case of the Alternate BIN, the name of the bank holder is needed only for sending an e-mail to the bank to make a request for the account information.
If the account holder is unable to provide the bank with a complete or accurate BIN, he/she can submit a request through the Internet for the Bank Account Number and BIN. However, in most cases, the bank will need to have a sample of the person’s complete name, including maiden name, so that it can verify the account details.
The Bank Account Number is a series of seven numbers that identify the account holder. They can include either the account number or the BIN, depending on the jurisdiction.
Once the bank account number has been verified, the bank will be able to provide any required instructions to the bank and the individual concerned. For example, in some jurisdictions, the bank may have to request for a copy of the passport of the account holder, which would allow the bank to know if the account holder is indeed an eligible customer and therefore be able to open a credit account.
The BIN can be changed once the account holder has registered the name and the bank account number. The BIN can be removed once the account holder closes his/her account. The BIN is then considered to be a static identity and can not be modified.