BIN is an acronym that stands for Bank Identification Number. It is the unique code which identifies the bank or financial institution that has issued the credit, debit or prepaid card (Physical or Virtual ). It is normally the first 6 numbers of the long number on the front of the card.

What does it do?

The BIN Number is used in the first step in completing a payment. The BIN identifies which bank or credit card company should be receiving a request to authorise the card as being valid and if the account attached to the card has enough funds available to cover the payment requested.

How do I get a BIN Number?

BIN’s are typically issued by Issuers or BIN Sponsors – these are e-money institutions or banks that hold a licence with a payment scheme – i.e. Visa or Mastercard. They are regulated entities that hold licences with the relevant scheme and can purchase BIN’s from the scheme either for themselves or on your behalf.

BIN Sponsorship is available for both domestic and overseas transactions. BIN sponsorship allows alternative payments organisations to process payments through an intermediary that is a direct scheme member.

What is a BIN for?

The BIN identifies the card’s issuer, which receives requests for payment authorisation. As mentioned earlier, the BIN validates the card and checks if the account contains sufficient funds. Both authorisation and the subsequent release of funds on the basis of the BIN take place very quickly in the background during the payment process.

For bank transfers and direct debits, other numbers are normally used for identification purposes; they include the SWIFT/BIC code and IBAN numbers.

How do I know if I need an Issuer or a BIN for my business idea?

Pannovate can help you – our knowledgeable and experienced staff can help you identify the key elements you will need to create your payments vision. We have a variety of products from a fully supported end to end service to a “lite” payments platform for clients looking for optimum speed to market. Pannovate can help you create the right combination of partners to best fit your strategy.  

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