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IBAN stands for International Bank Account Number and is an international standard for identifying bank accounts across national borders, introduced in the European Union during summer 2002, to facilitate international wire transfers and other cross border transactions within the EU. IBAN is not yet used for routing though, as it is a fairly new standard and has yet to be adopted by all major countries, which can take up to ten years. Until then, for international wire transfers outside the EU, it has to be used in combination with the BIC code (formerly known as SWIFT code) - both numbers in conjunction contain all the routing or sorting data and all account information to make the transfer.