AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
Part of the guideOne account, every currency: a guide for cross-border businesses
The short answer
A sort code, an ABA routing number and a BIC (SWIFT code) identify a bank; an account number identifies one account at that bank; an IBAN packages the country, check digits, bank and account into one internationally readable string. UK domestic payments use the sort code and account number, euro payments use the IBAN, US payments use the routing and account numbers, and international payments usually need the IBAN or account number plus the BIC. Giving the right pair for the payment system your customer will use is what makes money arrive on time and in full.
Every payment needs to answer two questions: which bank, and which account at that bank. Different countries and payment systems ask those questions in different formats, which is why an invoice to a global customer base can carry four or five sets of numbers. This article explains what each one does. Our guide to multi-currency business accounts covers how local details in several currencies sit inside one account.
Bank identifiers and account identifiers
It helps to sort the codes into two groups. The first identifies the institution; the second identifies the account inside it. A payment needs one from each group, or a combined format that contains both.
| Identifier | Where it is used | What it identifies | Format |
|---|---|---|---|
| Sort code | UK domestic payments (Faster Payments, Bacs, CHAPS) | Bank and branch | Six digits, written 12-34-56 |
| UK account number | UK domestic payments | The account | Eight digits |
| ABA routing number | US payments (ACH and wire) | Bank | Nine digits; some banks use one for ACH and another for wires |
| US account number | US payments | The account | Length varies by bank |
| IBAN | SEPA euro payments and incoming international payments in many countries | Country, bank and account combined, with check digits | Starts with a two-letter country code and two check digits |
| BIC (SWIFT code) | International payments over the Swift network | Bank, and sometimes the branch | Eight or eleven characters |
Which details to give, by where your customer is
The right answer depends on which payment system the customer will use, not on where you are based. If you hold local details in several currencies, give each customer the set that turns their payment into a domestic one.
- A customer in the UK paying pounds: sort code and account number, plus the exact account name. Their bank will run a Confirmation of Payee check on the name.
- A customer in the euro area paying euros: the euro IBAN and account name. Since 9 October 2025, banks in the euro area must offer a Verification of Payee check that compares the name with the IBAN before the payment is sent.
- A customer in the US paying dollars: routing number and account number. Ask whether they will pay by ACH or by wire, and give the matching routing number.
- A customer anywhere paying by international transfer: the IBAN (or account number where IBANs are not used), the BIC, your full name and address, and the bank's name and address.
Getting this wrong rarely loses money outright, but it costs time. A payment sent to a valid account under the wrong name may be held for checks, and a wire sent with an ACH routing number can be rejected or delayed. For US payments in particular, our comparison of ACH and wire transfers explains when each is used.
Reading an IBAN: a worked example
Take a made-up UK IBAN: GB82 ABCD 1234 5698 7654 32. It breaks down like this:
- GB
- The country code for the United Kingdom.
- 82
- Two check digits, calculated from the rest of the IBAN. If a single character is mistyped, the check usually fails and the bank's system rejects the number before any money moves.
- ABCD
- A four-letter code for the bank, taken from its BIC.
- 123456
- The sort code.
- 98765432
- The eight-digit account number.
So a UK IBAN is 22 characters and contains the same sort code and account number used for domestic payments. That is why a UK account has an IBAN as well as a sort code: they are two ways of writing the same destination, one for domestic systems and one for payments from abroad. Euro-area IBANs follow the same pattern but the national part varies by country, so IBANs from different countries have different lengths.
Check digits catch typing errors, not fraud. A correctly formed IBAN can still belong to the wrong person, which is why the name checks described below matter.
Two habits prevent most errors. Print IBANs in groups of four characters, as banks do, so they are easy to read back over the phone. And never change bank details on an invoice without telling the customer by a second channel, because a sudden change of details is a classic warning sign of invoice fraud.
Name checks and structured addresses
Two changes have made the account name and address as important as the numbers.
Name checks. The UK's Confirmation of Payee returns one of four results: match, close match (with the actual name shown), no match, or unavailable. It covers business accounts, so the name you give must be the name on the account, which may differ from your trading name. In the euro area, Verification of Payee works in a similar way under the Instant Payments Regulation and applies to both standard and instant transfers. Business payers may opt out of it for bulk files, but a payer who goes ahead after a warning can be left with the loss if the money reaches the wrong person.
Structured data. Swift ended the coexistence period for its old MT payment messages in November 2025, moving cross-border payments to the ISO 20022 format, which carries names and addresses in separate, structured fields. Industry commentary notes that unstructured address fields will no longer be accepted after November 2026. In the US, the Fedwire Funds Service moved to ISO 20022 on 14 July 2025. In practice, give customers your full registered address split into street, town, postcode and country, and keep it consistent with what your provider holds.
Where Pryme fits
Pryme accounts hold four currencies with local details for each: a UK sort code and account number, a euro IBAN, a US account and routing number, and a Nigerian NUBAN, shown in the app ready to copy. Check in the app which local details and payment types your business account shows before you put them on an invoice. Pryme also offers Invoicing; whichever tool you use, check that each invoice carries the details that match the customer's currency.
Outside Nigeria, Pryme's services are provided through regulated partners. For how receiving, converting and protecting money fit together, see the full guide to multi-currency business accounts, and for the cost of moving money across borders, SWIFT vs local rails.
Questions people ask
Is a SWIFT code the same as a BIC?
Yes. BIC stands for Business Identifier Code, and it is the code banks use on the Swift network, so the two names are used interchangeably. It is eight or eleven characters long; the last three, when present, identify a branch.
Do I need an IBAN to receive money from abroad into a UK account?
Usually, yes. Most foreign banks ask for an IBAN and a BIC for an international payment to the UK. Your UK IBAN already contains your sort code and account number, so it reaches the same account.
Why does my US customer need two routing numbers?
Some US banks use one routing number for ACH payments and another for wires. If the customer uses the wrong one, the payment may be returned or delayed. Ask your provider which number applies to each method and put both on the invoice, clearly labelled.
What happens if a Confirmation of Payee check says no match?
The payer is warned that the name does not match the account. They can still send the payment, but they are advised to check the details with you first, and they may bear the loss if the money goes to the wrong account. Make sure customers have the exact account name, not just your trading name.
Can I use an IBAN to receive US dollars?
Some banks will accept a dollar payment to an IBAN through SWIFT, but the US does not use IBANs domestically. A US customer paying by ACH or domestic wire needs a US routing number and account number.
Sources
- UK Finance: Confirmation of Payee · accessed Oct 2026
- European Central Bank: Instant Payments Regulation · accessed Oct 2026
- PwC Legal: Verification of Payee requirements under the EU Instant Payments Regulation · accessed Oct 2026
- Payment Expert: Swift's ISO 20022 cutover, the end of MT (Nov 2025) · accessed Oct 2026
- Federal Reserve Financial Services: Fedwire Funds Service ISO 20022 implementation FAQ · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.