IBAN API — Validate IBAN and Get Bank Data
The world is going through extraordinary circumstances, where the need for online commerce and services was pushed quickly. with that need, there is a growing demand for money transfer which takes us to the subject we need to discuss here.
The core element for money transfer between different accounts either locally or internationally is the IBAN (International Bank Account Number)
An IBAN, or international bank account number is a standard international numbering system developed to identify an overseas bank account. The number starts with a two-digit country code, then two numbers, followed by several more alphanumeric characters. Noter that an IBAN does not replace a bank’s own account numbering, as it’s only meant to provide additional information that helps in identifying overseas payments. (reference)
To add a user bank account to your system, you need to make sure his IBAN is valid, and also you can automatically fill in some information on behalf of your user such as his bank name, BIC, address, …
To be able to do that, you need to figure out the above information from his IBAN, which takes us to the IBAN API service, using this service you can get a freemium IBAN validation API with basic information about the bank as well.
So if you are marketplace, fintech, or accounting software, … you will need to use the IBAN API to enhance your bank account accepting process, and you can get this free IBAN API located here.