What are the main mistakes that can make IBAN wrong?
IBAN mistakes are quite common: default IBAN numbers are a long string of singleton and grouped digits. It’s common to make a typing mistake that result in a null IBAN.In the best scenarios, your funds will simply bounce back, which is pretty harmless even though your banks might charge you for it.In the worst-case scenarios, however, you’ll never be able to get your funds back — wire transfers are almost impossible to reverse.Here are the common mistakes that make IBANs wrong:Typos: manually inputting your recipient’s IBAN number leads to mistakes. A finger slips, or you get confused because default IBANs are a succession of singleton digits that aren’t easily read.Format: a few characters are missing — or there are extra ones! There can be some confusion with the BIC number too. Note that different countries have different IBAN classes.Owner details: sometimes financial institutions ask for your recipient’s details, like their complete name and address. If you don’t have them, or they’re not the ones the bank has on record, the funds will return to you.Ultimately, even using the best-in-class validator means resorting to a manual process, which is time consuming and inefficient for companies (and tend to nullify their anti-fraud efforts).When it comes to validating your IBAN and securing your supplier’s credentials, an anti-fraud tool like Trustpair is what provides real support.