The term bank identification number or BIN, refers to the initial set of four to six numbers that appears on a payment card. This set of numbers identifies the institution that issues the card and is key in the process of matching transactions to the issuer of the charge card.
What is a BIN?
The Bank Identification Number is a numbering convention developed to identify which particular institution issued a given payment card, and what type of institution it is. It is essentially the bank’s calling card; each card-issuing bank has a unique BIN.
How Bank Identification Numbers Help
The BIN provides digital businesses with a lot of other information besides just the issuing entity. For example, when cardholders enter card details for a digital transaction, just those first few digits tell the merchant:
- The name, address, and phone number of the bank funds will be transferred from
- The card brand (Visa, Mastercard, American Express, etc.)
- What type of card it is (debit, credit, prepaid, etc.)
- What level the card is (black, platinum, business)
- Whether the issuer is in the same country as the device used in the transaction
- Whether the address provided by the cardholder matches the one on file
The BIN allows merchants to accept multiple forms of payment and speed up the overall processing.
Acuitytec offers a BIN database to our merchants in order to help them identify suspicious payment cards, stop fraudulent transactions and improve business operations while minimizing friction for good customers.
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