No. The SWIFT code is an identification code for the bank to use when making transfers between banks but the International Bank Account Number is an identification number for the individual making the transfer. This number varies for each person and for each account
An IBAN adds a standard prefix to the existing customer account number.
The prefix includes:
- The country code
- The check digit
- The bank code
- The branch code
- The last 12 digits of an IBAN number is the customer account number.
- Facilitates Straight Through Processing (STP) of electronic payments, reducing manual intervention when carrying out financial transfers.
- Contains all data required to facilitate the processing of domestic or international transfers, as it consists of the following:
- Country code
- Check digit
- Bank code
- Branch code
- Account number
- Reduces errors in financial transfers from incorrect account numbers.
- Helps customers carry out financial transfers through banking channels, such as online banking (individuals and companies), mobile banking, and CIB branches.
- Reduces costs and improves operational efficiency in processing financial transfers