What is ISO 13616-1 about?
ISO 13616-1 is an international standard used for financial services that specifies the elements of international bank account number (IBAN) which is helpful in identifying the bank account while performing the transactions.
ISO 136161 is the first part of financial services in multi-series.
ISO 136161 specifies the elements of an international bank account number (IBAN) used to facilitate the processing of data internationally in data interchange, in financial environments as well as within and between other industries. The IBAN is designed for automated processing but can also be used conveniently in other media interchange when appropriate (e.g., paper document exchange).
Note: ISO 13616-1 does not cover internal procedures, file organization techniques, storage media or languages to be used in its implementation, nor is it designed to facilitate the routing of messages within a network.
Note 2: ISO 13616-1 is applicable to the textual data which might be conveyed through a system (network)
Who is ISO 13616-1 for?
ISO 13616-1 on financial services is useful for:
- Financial Institutions
- Banks
- Government
- Stock exchange
- Investment banking
- Financial intermediaries
- Trader of financial instruments
- Financial regulatory board
- Sole trader
Why should you use ISO 13616-1?
International bank account number (IBAN) is a code used in transferring money from one country to another. IBAN helps in identifying the individual bank account to which the transfer is to be made.
ISO 13616-1 help you to follow the conventions used for data element representations. These data representation includes character representations and length indications. ISO 13616-1 can be used for designing and constructing the structural format of the international bank account number (IBAN). The check digits are calculated with the help of ISO 13616-1 and are useful in verifying the BBAN along with the country code.
What’s changed since the last update?
BS ISO 13616-1:2020 supersedes BS ISO 136161:2007. BS ISO 13616-1:2020 includes some technical changes with respect to BS ISO 136161:2007. These include:
- Updates of the Foreword and the Introduction
- In 6.3.3, a note has been added to clarify how to implement the ISO/IEC 7064 check digit, to ensure proper validation of the IBAN
- The status of Annex A changed to informative
- Minor editorial changes
