An IBAN comprises data that can be used to validate your account number, your bank's country of origin, and other account information.
The code is compared to the IBAN record when you make a payment to guarantee that the receiver is correct.
The transaction will fail if an IBAN is entered erroneously and no account is associated with it. If a comparable account exists, the bank executes the transfer. The recipient has to agree to any reversal by the bank.
Several banks utilize an IBAN checker, also known as an IBAN lookup, to ensure that legal IBANs are error-free.