Describe the two parts of an account number.

An account number typically consists of two main parts:

1. Bank Identifier: This part of the account number is used to identify the specific financial institution where the account is held. It ensures that transactions are routed to the correct bank. In some countries, this might be represented by a bank code or a branch code.

2. Account Identifier: This part uniquely identifies the individual account within the bank. It is specific to the account holder and distinguishes their account from others within the same bank. This part is crucial for ensuring that funds are credited or debited to the correct account.

These two components together ensure that financial transactions are accurately processed and directed to the right account at the correct bank.