4 ms·

Yes, but the misunderstanding is on your side. This is overly simplified so not entirely accurate, but if 100 customers typo their destination IBAN the modulo

by rosndo 5y ago

Yes, but the misunderstanding is on your side. This is overly simplified so not entirely accurate, but if 100 customers typo their destination IBAN the modulo 97 checksum will probably let 3 of them through.

ciupicri 5y ago
Wikipedia says that "where used, IBANs have reduced trans-national money transfer errors to under 0.1% of total payments", although there's no source for the claim.
- rosndo 5y ago
  0.1% of total payments, i.e 1 in 1000 payments. That’s not 0.1% of typos but all payments.