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 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).

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.

Acquiring Services FAQs

General FAQs

  • What does Moorwand do?
    • Moorwand is a London based financial services provider offering digital banking, issuing and acquiring services. Head over to our Solutions page to read more information about each area.

  • 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) Businesses requiring payment gateway and acquiring services

  • 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.

  • 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.

  • 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.