This means, letter 'O' and numeral '0'
Q: What are Financial Identification Numbers?
Ans: Financial Identification
Number is a number used to identify a Financial Document in an organization.
In everyday life, Financial Identification Numbers are
visible at:
01) Bank
Account Numbers
02)
Bank Customer Identification Numbers
03)
Insurance Policies
04)
Demat Account
05)
Mutual Fund Account Numbers
06)
Telephone customer master account numbers
07)
Utility companies’ customer master account
08)
Social Security Numbers
09)
Aadhaar Numbers
10) Income
Tax PAN Number
11) House Tax
Account
12) Customer’s
profile identification number in various government, semi-government, public,
private bodies
13) Virtual
Account Numbers
14) Etc
Any
unique number assigned to users that identifies them to the entity establishing
the account can be said to be a Financial Identification
Number.
A social security number, bank account number
and credit card number are common account numbers.
An account number can be assigned to any
category of individuals or organizations, including employees, customers,
vendors and contractors.
Not
Necessarily Numeric or Stored as Numeric
Account
numbers may contain a combination of alphabetic characters and numeric digits.
However, even when they are only numeric, they are often stored in the computer
as an alphanumeric "character" field.
Q: What is an Alphanumeric
number?
Ans: Alphanumeric Definition: The
definition of alphanumeric is something that contains letters and numbers.
A password that requires both
letters and numbers is an example of an alphanumeric password.
A computer keyboard is an example
of an alphanumeric keyboard.
The most confusing characters in
Alphanumeric Financial Identification Number are letter 'O' and numeral '0'
There are numerous examples where
customers have suffered because of “letter 'O' and numeral '0'” in the same financial identification
number.
When displaying the Financial Identification Number, the computer
font used may cause the customer to misread the alphanumeric characters (if
any) in the account number.
The customers may commit typos
while entering the beneficiary account during the payment initiation.
The customers may quote “letter 'O' instead
of numeral '0'”, and hell breaks loose.
Not only customers, customer
service executives may tend to get confused between letter 'O' and numeral '0',
while noting down the Financial identification Number is the organisation’s
record
Quote
It is very common to misread the letter 'O' in an
account number as the numeral '0'.
Payments made to such mistyped
accounts are considered invalid and are refunded to the customer's account
within 1 working day. This could cause inconvenience to customers as they have
to wait for 24 hours when large amounts should be refunded.
For this reason, we strongly
recommend not to use the following characters in your handle, as they may
appear ambiguous in certain fonts.
0 or O
1 or I
5 or S
8 or B
2 or Z
Unquote
It will do a world of good if the
‘letter 'O' and numeral
'0'’,
are banned in the same Financial Identification
Alphanumeric string.
Q: Is it not difficult?
Ans: As all the Financial Identification Numbers are
generated by a Computer Application only, it’s not difficult to build the appropriate
rules in the computer application.
Additional Reading Material:
Greece Bank Account Number - Length should be between 8
to 16 alphanumeric characters
Italy Bank Account Number - Length should be a maximum
of 12 alphanumeric characters
Luxembourg Bank Account Number - Length should be 13
alphanumeric characters
Poland Bank Account Number - Length should be a maximum
of 26 alphanumeric characters
Reference Document: Oracle® Cash Management User Guide
- Country Specific Bank Account Validations @ https://docs.oracle.com/cd/E18727_01/doc.121/e13483/T359831T498954.htm
What Is an International Bank Account Number (IBAN)?
An IBAN, or international bank account number, is a
standard international numbering system developed to identify an overseas bank
account.
The number starts with a two-digit country code, then
two numbers, followed by up to third-five alphanumeric characters.
However, an IBAN does not replace a bank's own account
number, as it’s only meant to provide additional information that helps in
identifying overseas payments.
The IBAN is primarily used in international bank
wire/account transfers.
The IBAN structure is defined by the international
standard under ISO 13616-1:2007 and check digits are performed using MOD 97 (ISO
7064).
REGISTER OF COUNTRIES USING THE IBAN STANDARD @ https://www.iban.com/structure
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