Moorwand provides a range of services to make the financial lives of both organisations and customers easier. Tell us your idea, and we’ll make it a reality.
Prepaid Cards FAQ
What is a prepaid card issuer?
What is a prepaid card?
A prepaid card works a lot like a gift card, and acts as a good cash substitute. All transactions are approved and authorised by the prepaid card provider. Which means users can’t fall into debt or an overdraft, like they can with credit or debit cards. So you can only spend what you have. But unlike cash, there’s an extra security layer to get through if it’s compromised, making it safer.
What is a BIN Sponsor?
By partnering with a direct scheme member – or “sponsor”, firms issue payment products without having to spend time and money on a direct scheme membership. Companies can go to market faster because they don’t have to raise the collateral themselves to hold a direct scheme membership, perform settlement and reconciliation and hold the client funds in segregated accounts.
How can we get BINs for issuing cards?
Moorwand, via its license, can assign ICAs and BINs to Programme Managers for issuing payment cards in the EEA.
What is Moorwand responsible for as the BIN Sponsor?
As the regulated entity, we are responsible for all programmes and products operated by our clients. Moorwand has full oversight and right to approve each proposition, monitors all offering and has access to all third party systems. Moorwand is responsible to ensure programmes are compliant with scheme rules; to perform settlement in a timely manner, and that customer funds are held in segregated accounts. Moorwand is responsible to ensure the business, clients and their programmes meet regulatory compliance. Regulatory compliance supercedes scheme rules.
How does BIN Sponsorship fit into the wider card issuing process?
BIN sponsorship provides direct access to scheme membership via an intermediary like Moorwand. BIN Sponsorship enables a card programme to operate as a Mastercard card or wallet programme, without this, a fintech would need to get access directly with the scheme (which can be costly and take more time). BIN Sponsors work with the other partners in the ecosystem (processors, card manufacturers, KYC providers etc) to ensure the programme is adhering efficiently and to regulatory standards.