The payment industry has evolved a lot in the past decade, where paying a person has become as easy as sending a text message. This advancement in electronic payment and introduction of peer-to-peer payment has often come with the question of whether you are paying the right person.
While the European Union introduced Payment Services Directives 2007 (PSD1) to make payments safer and secure for consumers and followed up with PSD2 in 2015 to increase competition from non-banks, there is often confusion surrounding International Bank Account Number or IBAN.