Understanding IBANs

Understanding IBANs

An International Bank Account Number (IBAN) is a number attached to all bank accounts held in the EU, as well as Norway, Switzerland, Liechtenstein and Hungary. History In 1997, the International Organization for Standardization (ISO) published ISO 13616:1997 with the...
ECommerce Payment Systems

ECommerce Payment Systems

The ‘seminal act of eCommerce’ was a drug deal. Between 1971 and 1972, students at the Stanford Artificial Laboratory and the Massachusetts Institute of Technology reportedly used the Advanced Research Projects Agency Network, an early packet-switching network, to...
Know Your Customer

Know Your Customer

Know Your Customer (KYC) procedures are a legal requirement used to comply with anti-money-laundering (AML) laws and are becoming increasingly important globally to prevent identity theft, fraud, money laundering and terrorist financing. A key aspect of KYC controls...
The Evolution of Payments Systems

The Evolution of Payments Systems

  Electronic Funds Transfer (EFT) was developed to electronically transfer money from one bank account to another, either within a single financial institution or across multiple institutions, using computer-based systems, without the need for direct human...