What is ISO 13616-2:2018 ?

What is ISO 13616-2:2018?

ISO 13616-2:2018 is an extension of the ISO 13616-1:2018, commonly known as the International Bank Account Number (IBAN). This international standard is designed to provide a standardized format for identifying bank accounts across different countries. It aims to reduce errors and improve efficiency in international payments by implementing a consistent numbering system and including both alphanumeric characters and specific country codes.

The IBAN is a unique 9-character code that is assigned to each individual bank account. It is typically displayed as a string of alphanumeric characters, with each character representing a specific data element. For example, the first character represents the country code, the second character represents the bank code, and so on.

ISO 13616-2:2018 provides an additional section of the IBAN to include a check digit, which is a digit that is added to the IBAN to ensure its integrity and authenticity. The check digit is calculated based on theIBAN and can be used to verify the accuracy of the IBAN data.

The Structure of ISO 13616-2:2018

ISO 13616-2:2018 has a specific structure that allows for easy interpretation and validation of IBANs. It divides the IBAN into several sections, including:

Country Code: This two-letter code represents the country where the account is held.

IBAN Extension: This section includes additional data elements, such as the account type, account number, and check digit.

Error-Correcting Code (ECC): This section includes a set of error-correcting characters that can be added to the IBAN to detect and correct errors in the data.

Chapter 2: Data Elements and their Meaning

ISO 13616-2:2018 defines several data elements that are commonly used in IBANs, including:

* Country Code: This is a two-letter code that represents the country where the account is held. It is assigned by the country's central bank and is included in the IBAN.

* Account Number: This is a unique identifier for each individual account. It is typically included in the IBAN and is used to identify the account within the bank.

* Check Digit: This is a digit that is added to the IBAN to ensure its integrity and authenticity. It is calculated based on the IBAN and is included in the IBAN.

* Account Type: This is a data element that indicates the type of account, such as a checking account or a savings account. It is included in the IBAN and is used to identify the type of account within the bank.

* Account Number: This is a unique identifier for each individual account. It is typically included in the IBAN and is used to identify the account within the bank.

The IBAN is a standardized format for identifying bank accounts across different countries. By implementing a consistent numbering system and including error-correcting characters, ISO 13616-2:2018 aims to reduce errors and improve efficiency in international payments.