Bank Identification Number (BIN)
BIN (Bank Identification Number) is a number that gives full information about the bank. Besides, it is part of the card number. Specialized institutions can quickly identify the bank within the card payment system during authorization, processing, and clearing.
The part of the credit or debit card number that works to identify the bank or financial institution that will process the transaction; the first six figures are assigned by VISA and MasterCard for this purpose.
The Bank Identification Number (BIN) of the card consists of 6 numbers. Every plastic card contains this number at its beginning.
What does each Bank Identification Number number mean?
- The first digit of the BIN is a number that indicates the type of payment system that serves the issued card.
- Form the second to the fourth are the number of the payment system bank.
- The fifth and sixth digit BIN is an additional product identifier, according to the banking product category.
BIN is used for transfers between cards – for bank identification within the framework of a card payment system during authorization, processing, and clearing.