Payment

Banking Codes

Posted by Sagar A

IBAN (International Bank Account Number)

Structure of IBAN Number

The IBAN structure consists of maximum 34 characters and is composed of: 2 alphabetic characters for the ISO country code of the IBAN. As an example, a Belgian IBAN always starts with BE, the ISO code for Belgium.

2 numeric characters for IBAN check digits. This key is used for verifying the validity of an IBAN. The checking algorithm can be found rather quickly by searching on the Internet.

The number of remaining characters varies but cannot exceed 30 characters. This group of characters is called BBAN (Basic Bank Account Number).

IBAN structure with an example for Spain (Country code ES).

BIC ( Bank Identifier Code” or” Business Identifier Code”)

The structure of the SWIFT BIC code Ø4 alphabetical characters that indicate the identification of the institution (bank or corporate)

2 alphabetical characters for the ISO code of the country in which the institution is located

2 alphabetic or numeric characters used to locate the institution head office in the country or the head office in a particular region in the country.

3 alphabetical or numeric characters to indicate a branch or agency of the institution. Unlike the first 8 characters, these last 3 are not mandatory. They are mainly used by banks and less by corporate.

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