More of us are using automated payments, whether that means making an internet payment via our online banking or using a Direct Debit to pay a regular bill. ?? which acts as a one-stop-shop for the payments industry.
Using data which is out of date can cause inconvenience to customers - their payment might be delayed or not processed - and it places a cost burden on businesses, individuals and banks as they rectify the problems which can arise. The International Bank Account Number (IBAN) is an international standard for identifying bank accounts across national borders with a minimal risk of propagating transcription errors.