IBAN (International Bank Account Number) is a standardised and electronically recognisable format of a bank account number, which was created by the European Committee for Banking Standards (ECBS) and the International Organisation for Standardisation (ISO). The aim of the IBAN is to facilitate the error-free processing of cross-border credit transfers and to improve the potential for straight through processing (STP).
The IBAN is a series of alphanumeric characters that uniquely identifies an account held at a bank anywhere in the world. The IBAN has a maximum of 34 alphanumeric characters and in each country, the length of IBAN code may be different.
The electronic format of IBAN in Cyprus is made up of 28 consecutive alphanumeric characters.