IBAN stands for International Bank Account Number, which is an internationally agreed upon system of identifying bank accounts across national borders to facilitate the communication and processing of cross-border transactions with a reduced risk of transcription errors. It is a standard international numbering system developed to identify an overseas bank account. An IBAN uniquely identifies the account of a customer at a financial institution and consists of up to 34 alphanumeric characters comprising a country code, two check digits, and a number that includes the domestic bank account number, branch identifier, and potential routing information. The check digits enable a check of the bank account number to confirm its integrity before submitting a transaction. IBAN was developed to reduce errors and improve verification of cross-border payments by reducing rejected payments, transfer delays, and associated bank charges and fees. IBAN is the most common standard for international transfers between countries in the Eurozone and neighboring regions, such as Turkey, Israel, Switzerland, and the United Kingdom. However, not all banks and regions have joined the standard, and some countries, such as the United States, Canada, Australia, New Zealand, and China, do not use IBAN codes for domestic money transfers. Instead, they use SWIFT codes and routing numbers.