If you or your firm operate in the new tech industries or even medical pharma space and are doing business internationally having several IBANs in various currencies could come in handy hence whey we offer advisory services to source the correct solution. This is possible with Meta Luminor’s Fintech Advisory Services which source a suitable partner from our long list of direct access to licensed banks or EMI’s internationally.
We can also do this in over 27 FIAT currencies & various top performing Crypto Currencies.
What is an IBAN?
IBAN stands for International Bank Account Number, which is an international banking system for bank account numbers. IBAN makes international transactions easier in many countries. As opposed to a BIC code, which refers to a specific bank, IBAN refers to a specific bank account normally provided to an individual or a corporate entity.
IBANs are used in all European countries (except Russia and Belarus) and a few other non-European countries. Inside the European SEPA zone it’s very convenient and simpler to transfer money to other countries via SEPA.
IBAN makes cross border transactions a lot easier. It was initially adopted by the ECBS (European Committee for Banking Standards) to facilitate payments within the EU and later became an international standard, ISO 13616:1997. The current standard is ISO 13616:2007. As of early 2016 it’s in use in 69 countries, besides Europe especially countries in the Caribbean and the Middle East use the IBAN numbering system now also.