Bank identification number (BIN),
Definition of Bank identification number (BIN):
The first six digits of a credit card number assigned to a bank that issues Visa or MasterCard credit cards under its own logo. A personal identification number (PIN), in comparison, identifies the cardholder.
The bank identification number is a numbering system developed by the American National Standards Institute (ANSI) and the International Organization for Standardization (ISO) to identify institutions that issue different cards. The ANSI is a nonprofit organization (NPO) that creates business standards in the United States while the ISO is an international nongovernmental group that creates a variety of standards for different industries including the financial, health care, clothing, and aircraft fields.
The term bank identification number (BIN) refers to the initial set of four to six numbers that appear 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. The numbering system applies to credit cards, charge cards, prepaid cards, gift cards, debit cards, prepaid cards, and electronic benefit cards.
How to use Bank identification number (BIN) in a sentence?
- The number allows merchants to accept multiple forms of payment and allows transactions to be processed faster.
- The BIN helps merchants evaluate and assess their payment card transactions.
- A bank identification number is the initial set of four to six numbers that appear on credit cards, charge cards, prepaid cards, debit cards, and gift cards.
Meaning of Bank identification number (BIN) & Bank identification number (BIN) Definition