Before the introduction of the euro, each country developed its own models and practices for cashless payments. This has led to a diversity of cross-border payment procedures. Therefore, the necessary steps to migrate and adapt to SEPA can differ from country to country.
The International Bank Account Number (IBAN) is the standard governing European bank account numbers and one of the cornerstones of SEPA. The IBAN is created according to international standards. Following these standards, the creation of IBANs is coordinated and regulated at national level.
Find out more about SEPA Countries and the European Central Bank Eurosystems