An IBAN, or International Bank Account Number, is a standardized format for identifying bank accounts across different countries. It helps facilitate international money transfers by providing a unique identifier for each account, ensuring that funds are sent to the correct destination. An IBAN typically consists of a country code, two check digits, and a series of alphanumeric characters that represent the bank and account number. The use of IBANs is particularly important in the European Union and other regions that have adopted this system to streamline cross-border transactions. By using IBANs, banks can reduce errors and improve the efficiency of international payments, making it easier for individuals and businesses to conduct financial transactions globally.