Glossary
What do the technical terms mean
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Payment does not have to be complicated. However, there are technical terms that are often not common.
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International Bank Account Number
The International Bank Account Number (IBAN) is an international, standardized notation for account numbers. The IBAN can be used for cross-border payments (to or from abroad). Within the European Union, the IBAN is used as a prerequisite for the "European standard bank transfer".
The European Union
The European Union has played a decisive role in the implementation of the IBAN in order to exploit the potential for integration and automation. Other countries outside Europe are also adopting the IBAN, in particular Arab nations and countries from Central and South America. In the European Union, EU transfers can only be made with the IBAN and the fees are the same as for domestic transfers.
SEPA
Based on the EU transfer, the Single Euro Payments Area was adopted (SEPA), which completely replaced the national payment systems. This required the development of a new XML-based SEPA data format. Since January 2009, banks are obliged to offer SEPA credit transfers and a SEPA direct debit scheme.