What are IBAN and BIC/SWIFT?

IBAN (International Bank Account Number) is an international standard for bank account numbers for different banks that is used in cross-border transactions and has been developed by ECBS, European Committee for Banking Standards. When we make international payments it is an easier, more reliable and faster way of getting the payment for you as a publisher. It is constructed as an addition to the normal bank account number. An example of how an IBAN number looks like in the UK is as follows:

Country Code

Check Number

Issuing Bank Code

Sort Code & Account No.

GB

12

CPBK

08929912345678

BIC/SWIFT is a standard format of Business Identifier Codes approved by the International Organization for Standardization (ISO). It is a unique identification code for both financial and non-financial institutions. These codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. An example of how a BIC/SWIFT number looks like in the UK is as follows:

Bank Code

Country Code

Location Code

NWBK

GB

2LXXX

 

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