Definition of definition for English Language Learners. : an explanation of the meaning of a word, phrase, etc. : a statement that defines a word, phrase, etc. : a statement that describes what something is.
An IBAN (International Bank Account Number) is an international bank account identifier used to uniquely identify the account of a customer at a financial institution. This is the only permissible account identifier for SEPA payments.
Why doesn't the US use IBAN? IBAN is the International Banking Account Number. It gives every account a unique string that identifies the country, the city where the account is held and the number of the account. It's now required for transactions in Europe, with a fee charged to transactions that aren't done with it.