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.
The IBAN is composed of a two-character International Organization for Standardization (ISO) country code, a two-digit IBAN check digit, a bank identifier, a branch identifier (if used) and an account number.IBAN codes are a maximum of 34 alphanumeric characters.he IBAN uniquely identifies a customerâs bank account through a structure that is unique to each account holder. The account holderâs financial institution assigns the unique IBAN. Use of an IBAN improves the efficiency and speed of international wire transfers.