In order to secure your own money; do you want to make sure that you are transacting with reputable businesses and bank accounts that are free of legal issues? We cover all you need to know about an IBAN Validator API in this post.
Making an overseas transfer requires more than just inputting the recipient’s identification number and visiting the bank location of your choosing in person or online.
It is a more difficult process that entails several security checks between the nations; the sender and the recipient to guarantee the legitimacy of the transfer and so prevent potential tax fraud. IBAN codes start to be used at this stage.
IBAN is a global standard for identifying bank accounts in Europe. International Bank Account Number, which is what it stands for, is an abbreviation that’s used to identify bank accounts anywhere. Additionally, there is an international standard format for account numbers and Bank Identifier Codes (BIC).
It looks like a series of numbers separated by dashes and starts with two letters denoting the country where the financial institution is located. A valid IBAN may be determined by checking to see if it adheres to a certain format and contains the required checksum.
Therefore, you need an algorithm that decrypts them and enables you to verify their authenticity; as well as the information corresponding to the owner of the bank account; in order to confirm the validity of these codes.
How Can An API Be Of Help To Me Here?
The IBAN is a lengthy and comprehensive bank account number that is used for bank transactions. It can contain up to 32 alphanumeric characters, including a country code, two verification numbers, and other information. The worldwide standard ISO 13616-1:2007 establishes the IBAN framework, and the MOD 97 standard is used to verify the verification digits (ISO 7064). In ISO IBAN registration examples, certain nations and the format are given.
Since the entire checking process; we’ve been describing to you only takes place within banking institutions and you don’t receive a note; containing all of this information at the conclusion of a transfer; you’re doomed if you accidentally sent money to the wrong account; or fell victim to a scam cunning enough to slip past the bank’s radar.
Unless you have a service of your own that enables you to verify all of this beforehand; before making any payment; in which case an IBAN validator API comes into play as it enables you to carry out a bank-level verification and provides you with a comprehensive report on the destination account.
For this reason, we encourage you to utilize this API and run your initial tests; once you realize everything that it is capable of, it will join your regular toolkit, whether it be for you or your sales staff.
Use This API To Increase The Security Of Transfers!
You may programmatically validate any bank account information (IBAN, BIC/SWIFT, and BBAN) with the IBAN Validator API. If the number is correct, it will obtain the IBAN and give validation to you.
You may also have access to further information about the bank, which will tell you more about where the account is. It can produce IBAN and validate any number from any Euro nation.
The IBAN Validator API facilitates the conversion of BBAN to IBAN. If you need to provide someone outside your nation access to your bank account information, they will need IBAN, therefore you will automatically generate these numbers for them. More importantly, you will be made aware upfront if taxes are applicable to your purchases.
Related Post: What Is The Best API To Check BIC Codes Online?
Also published on Medium.