FreeBnk and the E Money network have teamed up to issue a blockchain-based IBAN

FreeBnk promises customers that with the E Money Network solution, they will be protected from errors in cross-border financial transactions and will be able to verify IBAN compliance before sending or receiving a payment.

The International Bank Account (IBAN) is a standardized international bank account number that helps banks provide automated control and processing of international transfers. If the user enters the wrong IBAN code when sending a payment, the bank may send the transfer to another recipient or charge a fee for processing the invalid transaction. An IBAN in the correct format does not guarantee the sender that the partner actually exists or that the IBAN corresponds to a specific account.

Earlier, OneAZ, one of the largest credit institutions in Arizona, announced the launch of a free support program for the transition of state financial institutions to blockchain. Program participants will be able to qualify for access to fintech services, as well as grants for development and research in the field of blockchain.