What is an IBAN?
- IBAN stands for International Bank Account Number
- It is a standardised way of identifying a bank account
- When a cross-border payment is made in Europe, an IBAN is used to identify the account to which the payment should be made
- An IBAN is always used in conjunction with a Bank Identifier Code (BIC)
- An IBAN is NOT a new bank account number. Existing sort codes and account numbers are retained and additional characters added to create a standard identifier that is known as an IBAN.
- The use of an IBAN reduces errors and delays and improves the potential for Straight Through Processing (STP) of payments.
Find out more
If you are a NatWest corporate customer, contact your Relationship Manager.
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