SEPA instituted real game changers in the payments world. The IBAN and ISO 20022 XML standards, for example, promote efficiencies in streamlining payment processing. Using an IBAN as the account number standard allows both payment service providers (PSPs) and payment service users (PSUs) to avoid errors that can occur with data input. All of the hidden validation checks in the IBAN, as well as the identification of the bank owning the specific account contained within the IBAN itself, help to promote efficiencies in payment processing, ensuring proper capture of beneficiary details as well as proper payment routing.
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