How is the IBAN used in fund transfer?
- The IBAN is made available to the beneficiary by his/her bank.
- The beneficiary’s IBAN is forwarded to the ordering customer.
- The ordering customer submits a cross-border fund transfer order, including the beneficiary’s IBAN.
The beneficiary’s IBAN is validated by the ordering customer’s bank, then the order is forwarded to the beneficiary’s bank, which, according to the IBAN credits the beneficiary’s account. » Back to FAQ |
