What does BBAN stand for in banking?

BBAN stands for Basic Bank Account Number. This term is used in banking to refer to a specific structure of account numbers that are designed to provide essential information about the individual account and the institution managing it. Typically, the BBAN consists of a combination of numbers and letters that represent various elements, including the bank identification and the individual account number.

This designation plays a critical role in the payment systems of various countries, ensuring that transactions can be processed efficiently and accurately. BBANs are often used in conjunction with other identifiers like the International Bank Account Number (IBAN), which adds an international standardization layer, but the essence of the BBAN is centered on the basic format for account numbers domestically.

In summary, recognizing BBAN as Basic Bank Account Number is crucial for understanding banking transactions and the structures that facilitate them in different jurisdictions.