It is a set of grouped numbers, which make up a code for international use, which allows identifying a bank account to all countries in the world with respect to international payments, the IBAN code was created by the European Committee of Banking Standards and its Acronym is derived from the English "International Bank Account Number", thanks to it payments to banks and savings banks have been automated.
Formerly, to identify the account of a certain client, it was done through the CCC (Client Account Code), it consisted of 20 numbers that were used to identify certain accounts and in a simpler way, in addition to allowing large-scale processes of transfer, receipts, cash payments. This set of numbers consisted of 4 initial numbers that identify the bank to which it belonged, the next 4 digits identify the headquarters and the last 10 numbers represent the account itself. The abolition of the CCC was mainly due to the creation of the “Single Euro Payments Area” which was nothing more than a single European payment area, which facilitated collections, transfers and payments at theIn the same way as it was done within a country, for this to be possible, it was necessary to unify the structure of bank accounts, that was when the IBAN code emerged.
This code can only be identified strictly bank account, but from this any person with the necessary knowledge you can get the data from the bank and the seat to which the number belongs to it using another code called BIC (Bank Identifier Code) which consists of between 8 and 11 numbers.
In all the countries of the world there are systems and rules that are used to identify bank accounts, but in each State the rules are different and cannot be applied in a country other than the one where said rule was issued, all this means a delay in the economic development of these nations. The IBAN represents a solution to these problems, with contributions such as the proper transmission of data on the numbers of accounts, decreased errors imputation, also the speed with which transactions and decreased the performed cost thereof.
