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A Quick Guide to Validating IBAN and SWIFT with API in 2024

IBAN and SWIFT Validation

As the global finance system evolves, your business needs efficient, accurate, and secure financial transactions. To ensure that your company can receive cross-border payments, you need correct banking information, including IBAN & SWIFT codes. 

It sounds easy enough, but how can you be sure that these numbers are right? What is the right approach to validate IBAN or SWIFT code?

In this guide, we will shed light on how to ensure these numbers are appropriate using an advanced SWIFT and IBAN validation API in 2024. Furthermore, we will discuss the benefits of validation using API and risks involved in the manual process. Keep reading to ensure your transactions are seamless and error-free.

What is an IBAN Number?

An IBAN (International Bank Account Number) is a standardized international code designed to identify bank accounts across countries in a consistent way. It comprises up to 34 letters and numbers, containing information about the country, bank, and account number.

The IBAN is usually found on the bottom of a bank statement or on the back of a check. You must provide your IBAN to receive an international money transfer. Similarly, when sending money, you must provide and validate IBAN number of the recipient to reduce errors and improve the efficiency of transactions.

What is a SWIFT Number?

A SWIFT (Society for Worldwide Interbank Financial Telecommunication) number, also known as a BIC (Bank Identifier Code), is an 8 to 11-character code that identifies your bank. The first four characters of the code identify the bank. Furthermore, the remaining characters identify specific branches or divisions of the bank. While many European countries use the IBAN number, many others use a SWIFT number as a unique identification code.

It is used for international wire transfers and messages between banks to ensure that transactions reach the recipient securely and quickly. If you need to make an international money transfer, you need to know the recipient bank’s SWIFT code.

How to Validate IBAN And SWIFT Numbers Using An API

IBAN and SWIFT
Bank Data API Playground by APILayer

Businesses can validate IBAN and SWIFT numbers using a RESTful API like “Bank Data API” offered by APILayer. It is a reliable API that allows you to efficiently check the IBAN and SWIFT numbers you want to validate. Accordingly, the tool provides information indicating whether or not the number is good. It also provides additional information about the number, like the bank name and country code. 

Need to validate many IBAN and SWIFT numbers? Register on this web page and get your free API access key. The Bank Data API by APILayer provides a fast and accurate IBAN and SWIFT number validation service you can connect to from any technology stack.

So, let’s learn how to automate IBAN & SWIFT number validation by integrating an API into any of your applications.  

How to Integrate Bank Data API Using JavaScript?

Integrating an API involves using JavaScript to make asynchronous calls to the API service. It also includes retrieving validation results, and processing them within your application. Here is a sample API endpoint call that demonstrates how to work with our Bank Data API:

Example response:

Furthermore, check out our other tutorials on our blog section where you can learn how to automate almost anything using powerful APIs powered by APILayer:

Benefits of Using an API for IBAN and SWIFT Validation

Time and Money Efficient

Unlike the manual methods, APIs process IBAN & SWIFT code validations almost instantly, significantly speeding up the process. These APIs can also save you time and money by avoiding costly errors and bank charges.

Imagine you’re trying to verify the details of a bank account before making a critical transaction. Instead of waiting around, an API does the job in the blink of an eye. This instant processing streamlines operations, making everything from financial transactions to account verifications smoother and faster.

Improved Accuracy, Reduced Errors

One of the biggest advantages of using an API for IBAN and SWIFT validation is the level of accuracy it brings. When humans are involved in the process, there’s always room for error. These errors can lead to significant issues, like sending money to the wrong account. 

APIs, on the other hand, minimize these human errors by automating the validation process. They ensure that the IBAN and SWIFT codes are accurate, up-to-date, and in line with the latest international banking standards.

Highly Reliable

Another benefit of using APIs for IBAN and SWIFT validation is their reliability. APIs are powered by comprehensive and regularly updated databases. It means the validation they provide is based on the most current information available. 

In contrast, manual processes might include outdated data or not be as thorough. By using APIs, you can make your entire financial ecosystem more secure and dependable.

What are the challenges of manually validating IBAN & SWIFT numbers?

Making mistakes during an international transaction can be costly. In addition, if you choose to validate SWIFT code or IBAN manually, it will take a lot of time and increase the chances of error. Here are some of the challenges you may face in manual SWIFT code with IBAN validation:

  • Manual validation of IBAN and SWIFT codes is inefficient and error-prone.
  • High risk of costly mistakes in international transactions.
  • Manual validation is particularly challenging for businesses with many international transactions.
  • Errors can result in transaction delays, additional costs, and potential fraud.

Why Should You Choose IBAN & SWIFT Number Validation API by APILayer?

APILayer stands out for its comprehensive database, reliability, and user-friendly API solutions that offer extensive documentation and community support. We offer a huge selection of top-notch APIs that can be easily integrated to improve the functionality of your application. Get API Layer’s bank data API and book a Free Live Demo for IBAN & SWIFT code validation now!

Conclusion

Manually validating IBAN & SWIFT numbers is like trying to thread a needle in a moving car – tricky and likely to go wrong. To ensure speed, accuracy, and reliability in international business transactions, you must choose a reliable bank data API for SWIFT and IBAN number verification.

If you’re in a business that includes money transfers across borders, make sure you’re using a solid tool like APILayer. Remember, in the fast-paced world of finance, saving time and avoiding mistakes is like money in the bank.

FAQs

Q: How do I find my bank’s SWIFT code?

Usually, the bank includes its SWIFT code in customer account details with IBAN number, on mobile banking apps, and websites. If you still can’t find it, try contacting your bank support team.

Q: Is it difficult to integrate an IBAN & SWIFT validation API?

No, with basic programming knowledge, especially in JavaScript, integrating an IBAN/SWIFT validation API is straightforward. We at APILayer provide our users with comprehensive documentation and support to make the integration easy.

Q: Can API SWIFT and IBAN validation completely eliminate transaction errors?

While no system is infallible, using a reliable bank data API from APILayer for validation significantly reduces the risk of errors. It makes transactions much more secure and efficient.

Q: How often do validation APIs update their database?

The frequency of database updates can vary among different service providers. We at APILayer always ensure that the Bank Data API’s databases are refreshed either in real-time or near-real-time to accurately reflect the latest banking information from across the globe. 

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