What does IBAN stand for?

IBAN is an acronym that means "international bank account number" and is a numbering system that is used to identify global bank accounts. The system was originally created by European banks to simplify transactions between accounts that involves bank accounts located in different countries.

The standard IBAN number is made up of two letters that identify the account's country of origin, two check digits and a combination of alphanumeric characters that can number up to thirty. This combination of characters is known as the basic bank account number, or BBAN. As of 2015, the IBAN is commonly used in Europe, but is also being adopted in other countries around the world.