IBAN

The aim of the IBAN account number is to facilitate the automatic processing of cross-border credit transfers. The IBAN format assures the automatic capture and validation of account numbers and reduces manual intervention.

• The beneficiary’s bank provides the IBAN account number to the beneficiary
• The beneficiary forwards the IBAN to the ordering customer
• The ordering customer submits a cross – border credit transfer order, which includes the beneficiary’s IBAN
• The ordering customer’s bank validates the IBAN and forwards the cross – border credit transfer to the beneficiary’s bank, which credits the beneficiary’s account on the basis of the IBAN.

The IBAN has a maximum of 34 alphanumeric characters. The Greek IBAN has a length of 27 characters from which:

• the first two alpha characters indicate the country where the account is held
• the next two characters are the check digits and are used for the validation of the complete IBAN, and
• the last part is the Basic Bank Account Number (BBAN) which is usually derived from the bank code number, the branch code number and customer’s account number

The Greek BBAN contains:

• the bank code number (3 digits)
• the bank’s branch code number (4 digits)
• the customer’s account number (16 digits)

If customer’s account number is less than 16 characters, the account-servicing bank completes the remaining characters with zeros.

The IBAN may be used in both electronic and printed form. The only difference between them is that in its printed format the IBAN is split into groups of 4 characters separated by a space. The last group is of variable length up to 4 characters.

Example of an IBAN

In Greece, the BBAN (Basic Bank Account Number) has the following structure:
01720110005011000009849 where,

• 017 is the bank code number
• 2011 is the branch code number
• 0005011000009849 is the account number

For this to be converted into IBAN, the country code and the two check digits have to be placed in front of the basic account number, as follows: