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Results for Bank Identification Number
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2. Numeric code identifying bank card issuing financial institutions affiliated with Visa International or MasterCard International. The BIN number is the first six digits of the Account Number. Banks use BIN tables in routing transactions to the appropriate bank for credit approval and final settlement.
The noun has one meaning:
Meaning #1:
an identification number consisting of a two-part code assigned to banks and savings associations; the first part shows the location and the second identifies the bank itself
Synonyms: BIN, ABA transit number
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It has been suggested that this article or section be merged with Credit card number. (Discuss) |
A Bank Identification Number (BIN) is the first six digits of the number of various financial cards. These digits identify which network the card belongs to as well as which organization issued it.
Cards participating in the BIN system include:
In the United States, BINs are used in NCPDP pharmacy claims to identify processors, and are printed on all pharmacy insurance cards. BINs are the primary routing mechanism for realtime claims. Each processor has one or more BINs, which it divides into plans by using Group Number and Processor Control Number fields.
Online merchants may use BIN lookups to help validate transactions. For example, if the credit card's BIN indicates a bank in one country, while the customer's billing address is in another, the transaction may call for extra scrutiny.
The term "Issuer Identification Number" (IIN) is replacing "Bank Identification Number". See ISO 7812 for more information.
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Copyrights:
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 | Banking Dictionary. Dictionary of Banking Terms. Copyright © 2006 by Barron's Educational Series, Inc. All rights reserved. Read more |
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| WordNet. WordNet 1.7.1 Copyright © 2001 by Princeton University. All rights reserved. Read more |
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| Wikipedia. This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Bank Identification Number". Read more |
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