An IBAN is a collection of data that the bank used to verify your account number, the nation of origin of your bank, and other account details.
When you make a payment, the code is checked to the IBAN information to ensure that the receiver is legitimate when you make payment.
If an IBAN is supplied incorrectly and there is no account associated with it, the transaction will fail. The bank completes the transfer of funds if the numbers have an actual existing account, and it can only be reversed with the recipient's permission.
To guarantee that legal IBANs are error-free, several banks use an IBAN checker, also known as an IBAN lookup.