Issuing Services FAQs

  • What is a BIN?

    • BIN stands for Bank Indentification 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.

  • 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

  • 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.

  • 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).

  • Do you offer Apple Pay, Samsung Pay, Google Pay?

    • Implementing digital payments ensures the cardholder can make contactless, online or in-app payments from a mobile device loaded with digitized payment credentials. As a issuer Moorwand is integrated with Apple Pay, Google Pay, Samsung Pay and can support Programme managers to enable digital payments for their cardholders. Moorwand can also facilitate the integration with other digital wallet providers or help an entity certify their own digital wallet.

Digital Banking FAQs

  • 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.

  • 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