WHAT IS BANK INDENTIFICATION NUMBER (BIN) AND FEATURES
BIN numbers consist of two parts: the first six digits are assigned by ISO/IEC 7812-1, and the individual bank or organisation gives the second six digits back. An identification number (BIN) is a number used by banks to identify the nature of their institution. It is found on the front of credit cards, check cards and debit cards. Merchants use the BIN number to determine which type of card it is so they can adequately process a transaction.
The first six digits are called the bank identification code (BIC) or sometimes routing transit number. This is used to identify the bank that issued the credit card. For example, if you have a Visa credit card with the BIN 4111, your bank identification code is 4111.
The BIN is used to identify the issuing bank of a payment card. It is also known as "Bank Identification Code", "Issuer Identification Number", or "Issuer ID". BIN numbers are typically used in retail payment applications such as credit cards and debit cards, but other applications are. The first digit of the BIN identifies which association issued the number; for example, Visa's BIN begins with 4, MasterCard's with five and American Express' with 34.
BIN numbers aim to identify banks and prevent fraud, such as skimming and counterfeit cards. In addition, BIN numbers help merchants identify which type of card they are processing at the point of sale to determine what kind of transaction fee to charge.
Every bank has its unique BIN number, but each country also has its range of BIN numbers that can only be assigned to banks in that country. For example, American Express uses a different range of numbers than Visa or MasterCard.
Banks don't know anything about who you are beyond what appears on your credit card or debit card statement - they have your name and address because you're using their services to send them money for goods or services. Buy something from Amazon using your Visa card, for instance. Amazon won't know anything about who you are beyond what appears on that statement - they'll have your name and address because you're using their services to send them money for goods or services (in this case).
Features
It identifies a bank branch or office from which funds are transferred to another bank account.
This helps in identifying the correct beneficiary of a transaction.
It is used for verification during international transactions.
Each BIN has its unique range of numbers.
BINs are assigned to a particular country or region by the ISO 3166 standard.
In BIN the first three digits identify the country of origin. For example, "49" for Germany and "88" for Japan.
The last three digits identify a specific issuer within that country.
The BIN is used to identify different payment processes, including:
Debit cards (a.k.a. PIN-based). This includes most general-purpose credit cards, prepaid debit cards, gift cards and other stored-value cards.
Credit cards (a.k.a. signature-based). This includes premium or rewards cards, commercial cards, and high-risk credit products like subprime mortgages or payday loans.
Prepaid cards are similar to debit cards but don't have a bank account attached to them; instead, they're funded through cash deposits from the user's bank account or with a credit card. They can be used at ATMs just like regular checking accounts. Still, unlike checking accounts, there's no overdraft protection — so any transactions you make will be deducted from your available balance immediately without any notice or warning if it's not enough money in your account!
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Conclusion
The BIN number for your business is a nine-digit number that lets you distinguish your transactions from other companies.
The BIN number is required when opening a merchant account, which will allow you to accept credit cards as payment. The BIN is also used to identify your business on an application for a line of credit or loan with a bank or other financial organisation.
In addition, some banks may require that you provide them with your company’s BIN number before they approve an application for financing. If you cannot provide this information, the bank may decline your loan application.
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