IBAN
Category: Payments
Definition (plain English)
IBAN is an international bank account number format used in many countries to identify a specific beneficiary account for cross-border or regional payments.
Why it matters commercially
An incorrect IBAN can fail, delay, or misroute a supplier payment, and mismatched IBAN ownership is a major payment-fraud warning sign.
Example
A buyer caught an IBAN mismatch before releasing a deposit because the account country differed from the supplier bank country in onboarding records.
Common mistake
Treating IBAN as a formatting detail instead of verifying it against beneficiary name, bank country, proforma instructions, and any recent account-change request.
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