Do you want to make sure that you are making transactions with verified companies and bank accounts that do not have legal problems, in order to protect your own money? In this post; we teach you everything you need to know about an IBAN Validator API!
When you need to make an international transfer, it is not as simple as going to the bank branch of your choice, or doing it virtually, and entering the identification number of the recipient of the transfer.
It is a more complex task that is made up of various security checks between the countries, the sender; and the receiver to ensure the validity of the transfer; and in turn; avoid possible tax fraud. It is at this point that IBAN codes come into play.
In Europe, IBAN is an international standard for identifying bank accounts. It is an acronym that stands for International Bank Account Number and is used to identify bank accounts all around the world. There is also an international standard format for Bank Identifier Codes (BIC) and account numbers.
It takes the form of a string of digits separate by dashes that begins with two letters identifying the nation in which the financial institution is. It may be use to test whether an IBAN is legitimate or not by examining whether it follows a specific format and has the necessary checksum.
Therefore, in order to check the validity of these codes, you need an algorithm that decrypts them and allows you to verify their validity, as well as the data that corresponds to the owner of the bank account.
How Can An API Help Me With This?
Well, all this checking process that we have been telling you about; is only done within the banking entities; and at the end of a transfer you do not receive a note that contains all this information; and therefore; if you sent your money by mistake to a wrong account; or a scam good enough to escape the bank’s radar, you’re doomed.
Unless you have your own service that allows you to check all this in advance; prior to any payment, and that is where an IBAN validator API comes into play; since it allows you to perform a bank-level check; and offers you at the end a complete report on the destination account.
That is why we invite you to use this API and do your first tests; once you see what it is capable of; it will become part of your daily use tools, either for you or for your sales team!
Make Transfers More Secure Using This API!
With IBAN Validator API, you can validate any bank account information (IBAN, BIC/SWIFT, and BBAN) programmatically. It will get the IBAN and offer validation to you if the number is correct.
You can also access further information on the bank, giving you more information about where the account is located. It will validate any number from any Euro country and can also generate IBAN.
IBAN Validator API is also useful for easily converting BBAN numbers to IBAN. If you need to give someone outside your nation your bank information, they will need IBAN, so you will automatically generate these numbers for them. More importantly, if any taxes apply to your transactions, you will be notified ahead of time.
Related Post: Avoid Scams By Using This Bank Account Verification API!