European Central Bank introduces DEAN for digital euro

The European Central Bank (ECB) is developing the digital euro, a central bank digital currency for the eurozone, which will require a new technical infrastructure. A key component of this system is the Digital Euro Account Number (DEAN).

The DEAN is an 18-character alphanumeric identifier that begins with the prefix ‘EU’. Unlike the IBAN, the DEAN does not reveal the user's country or specific bank, though it does indicate whether the account is for private or business use. While the DEAN serves as a unique identifier for secure transactions, users may be able to use aliases, such as mobile phone numbers, for daily payments.

In Austria, institutions including Raiffeisen Bank International and BAWAG are among the 36 banks participating in the ECB pilot project, which is expected to test the digital euro starting in the second half of 2027. The DEAN will be assigned to users who open a digital euro account through a payment service provider in coordination with the Digital Euro Service Platform (DESP).