IBAN codes are mostly used in the SEPA zone where local jurisdictions are used to accept or send payments in local currencies. IBAN does the job of both identifying the bank as well as the individual account in the transaction. SWIFT is more widely used across the world, but the SWIFT code only identifies the bank and not the exact accounts. That's why when using SWIFT, it is generally an affordable way to send international payments, but it does require extra information to identify the account you're sending to.