![]() It works like a white label solution, where the challenger bank gets to put their own branding on an IBAN number that points to a different bank. However, these are given out by a sponsor bank. Neobanks, or challenger banks, allow their customers to have IBANs. It has to do with how neobanks and challenger banks use IBANs. The last point deserves a bit of explanation. check that the IBAN points to a high-risk bank.verify that the location of the bank matches that of the user records.In that scenario, an IBAN lookup allows you to: You can also use this to flag suspicious or fraudulent payment attempts. If your company deals with users of companies’ IBANs, performing a series of checks will allow you to avoid payment errors. How to Use IBAN Numbers for Fraud Detection However, a SWIFT code, also known as a SWIFT BIC code, only helps identify the bank, not the individual account. In some cases, you might be asked for both. What’s the Difference Between an IBAN Number and Swift Code?Ī SWIFT code, which stands for Society for Worldwide Interbank Financial Telecommunication code, is also an internationally standardized way of ensuring international transfers go through seamlessly. ![]() This is particularly useful when it comes to fraud detection. More crucially, an IBAN lookup allows us to learn which bank and country it is linked to. ![]()
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