In one sentenceA standard international number that identifies the customer's account and bank. In the Kingdom it has 24 characters starting with the letters SA, and it is required for every bank transfer.
Simply put
The IBAN combines the country code, two check digits, the bank code and the account number in one string, so transfer errors are fewer, because a mistake in one character is usually caught before execution.
Keep each supplier's and employee's IBAN in their file, and never accept a change to a supplier's IBAN by email alone without confirming by phone, because it is one of the most common fraud methods.
Example
The accountant received an email that looked like it came from a known supplier, asking for future payments to go to a new IBAN. He called the supplier on its registered number before making the change and found the email was forged.
Don't confuse it with
International wire transfer (SWIFT)The IBAN identifies the account, while the SWIFT code identifies the bank in international transfers.