Issuing Services

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.

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.

BIN Sponsors provide a shortcut for companies that want to build a scalable card product and get their proposition to market. BIN Sponsors enable companies to process payments through their principal card scheme membership. Get in touch with our team via our contact us page to see if BIN Sponsorship would help your business.

Moorwand, via its license, can assign ICAs and BINs to Programme Managers for issuing payment cards in the EEA.

Whether you are a regulated Electronic Money Institution requiring scheme membership access or a business needing both scheme membership and use of Moorwand’s e-money license, there is a solution ready for you.

The Moorwand BIN Sponsorship agreement reflects the position that PMs are contractually responsible for ensuring the day to day operational application and adherence to policies and procedures, in compliance with regulatory and Card Scheme requirements. Moorwand will oversee, monitor and audit the adherence to these processes and the operational effectiveness of the controls in place.

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.

The BIN, which stands for bank identification number, is the first four to six numbers of the long card number on a payment card. These numbers identify the card issuer (bank or financial institution), the scheme acceptance network (Mastercard, Union Pay, Visa etc.) and the type of card (whether it is credit, debit or prepaid). It is an important element for the identification of transactions with merchants.

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.

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). This is what Moorwand has done in order to be able to provide BIN Sponsorship services to our clients, so they don't have to become a member themselves.