Issuing Services FAQs

  • 1. What is a BIN?
    • BIN stands for Bank Identification Number and 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.

  • 2. How does BIN Sponsorship work?
    • BIN Sponsorship is a quick shortcut for many companies looking to build a scalable card product and get their proposition to market. BIN Sponsorship allows firms to process payments through an intermediary direct scheme member. Head to our Issuing Services page to find out more about BIN Sponsorship, or alternatively get in touch with our team via our contact us page to see if BIN Sponsorship would help your business

  • 3. 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 supersedes scheme rules.

  • 4. 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.

  • 5. What is principal membership?
    • If a business wishes to be appropriately licensed as a financial institution in a particular country of region, then it can be possible to become a Licensee (also known as a “Principal Member”) directly of the Card Schemes (in particular, MasterCard and Union Pay).

  • 6. Do you offer Apple Pay, Samsung Pay, Google Pay?
    • Fees are applied in line with applicable Terms and Conditions -https://mykring.com/en/legal/terms-and-conditions

      These terms and conditions continue to apply during the notice period and upon closure. Maintenance fees reflect the costs of supporting the account and holding funds, particularly when a product is not in use for a prolonged period of time. Following closure, you will not be charged a fee for redeeming any remaining e-money balance on your account for 12 months.

      If you wish to redeem your balance, please contact operations@moorwand.com with information identifying you as the account holder and details of the account you would like funds sent to. This must be an account in the name of the cardholder and located in the UK or EEA.


Digital Banking FAQs

  • 1. What payment services does the Moorwand digital banking solution offer?
    • Digital Banking provides you with a single compliant connection to a variety of payment solutions, including Faster Payments, BACs, Direct Debits and SEPA Transfers. Whether you are a savvy payment solution provider that simply wants an API to plug into the Moorwand solutions or if you just want a ready made digital banking solution to plug and play, Moorwand has the solution for you.

  • 2. What is a SEPA transfer?
    • SEPA (or the Single Euro Payments Area) is the new format for cross-border euro (EUR) bank transfers. SEPA aims to make cross-border EUR transfers within this area equivalent to a domestic transfer within your own country. SEPA is made up of the Eurozone, countries within the EU and a few other countries which also support EUR bank transfers.


General FAQs

  • 1. What does Moorwand do?
  • 2. What kind of clients does Moorwand work with?
    • We work with: 1) Regulated Electronic Money Institutions/Authorised Payment Institutions requiring scheme membership. 2) Businesses needing scheme membership & ability to offer e-money/payment services.

  • 3. Who are the FCA?
    • The Financial Conduct Authority (FCA) is the conduct regulator for 59,000 financial services firms and financial markets in the UK and the prudential supervisor for 49,000 firms, setting specific standards for 19,000 firms.

  • 4. Can you provide an open banking partner for my business?
    • Moorwand works with a number of partners across the whole industry. We are agnostic to the partners you choose to select; however, if you would like an introduction to our partners then we'd be more than happy to connect you.

  • 5. What is your position on Brexit?
    • For more information on the position we take about Brexit, please get in touch directly and we'd be more than happy to explain.

  • 6. How is my money protected?
    • Moorwand is an authorised Electronic Money Institution (EMI), regulated by the Financial Conduct Authority (FCA) in the UK, it is authorised to provide payment services and issue electronic money (e-money), subject to the Payment Services Regulations 2017 and the Electronic Money Regulations 2011.

      The e-money balance on your accounts is held by Moorwand at a bank. While this may sound similar to what a bank does when funds are received into a current account, Moorwand is not a bank and there are key differences you should be aware of:

      i) we do not take your money as a deposit to use for our own purposes, or lend to other customers; and

      ii) your e-money is not covered by the Financial Services Compensation Scheme (FSCS).

      To ensure your money is safe, we hold your funds in segregated accounts, meaning it is separate from Moorwand's funds. It is also 'safeguarded', meaning there are assurances from the bank that in the unlikely event Moorwand was to go out of business the money is protected for the use of Moorwand customers and could not be used to offset any debt Moorwand may owe.

      Safeguarding is a regulatory requirement for all EMIs designed to protect customers from the risk of losing funds. Funds are reconciled at least daily and we have to have an independent expert validate that we are meeting our obligations each year.

      In the event of Moorwand becoming insolvent, an insolvency practitioner would be appointed to return the funds we have safeguarded to customers. This means you would get most of your money back, except for the costs deducted by the insolvency practitioner for distributing the money to our customers. In addition, due to the insolvency process, it could take longer for money to be returned to you than if the account was held by a bank.

      More information about using a non-bank payment service provider and the protections they offer can be found on the FCA’s website at https://www.fca.org.uk/consumers/using-payment-service-providers