With the bank industry growth and increasing demands of BIN, it leads to the need to extend the BINs from six to eight digits. Often, merchants, PSP, acquirers would also use BIN info to evaluate payment risk or to decide which specific channel to route a transaction that may provide a better approval rate. The BIN is vital to correctly route a transaction from the merchant to the issuing bank. Try it out with the first 6-digit of your card! Then, the bank would issues cards to cardholders using the BIN as the first six digits of the Primary Account Number (PAN).įun Fact: You can use the online tool offered by BIN Codes to identify the issuer behind a specific BIN. Similarly, the Mastercard would assign a unique BIN to the issuer if it plans to issue credit cards in the network. For example, if the bank wants to participate in the Visa network, Visa would give a six-digit BIN to the bank. The BIN is assigned to issuers by each card scheme.
Originally published under Introduction - BINīank Identification Number (BIN), also knowns as Issuer Identification Number (IIN), is the number (generally six digits) that the payment industry uses to identify an issuing bank. Article reproduced with the kind permission of Charles Mon. Posted On: Monday, February 28th, 2022 Important changes to BIN codes, the lynch pin of credit card payments.
