What are IBANs and SWIFT codes?
(1) IBAN and SWIFT are two standardized formats to relay transactions between financial institutions.
(2) IBANs (International Banking Account Numbers) are used mostly in
Europe and identify specific accounts across national
borders, which can be up to 34 characters, depends on the national standards of
the country in which it is issued.
(3) SWIFT (Society for Worldwide Interbank Financial Telecommunication) codes identify institutions, formally called BICs (Business Identifier Codes) are eight to 11 characters long.