IBAN stands for “International bank account number, internationally recognized, unique identification number for a specific bank account.
An IBAN is a series of a maximum of 34 alphanumeric characters, and is made up of a combination of the following elements:
- The bank country key (ISO-Code)
- Two check digits
- Country-specific account number
IBAN maintains in bank details of Customer/Vendor Master data and in House bank, most of the time IBAN is used for foreign currency payments time