Bank Identification Numbers (BINs) are the first six digits of a payment card number, which is usually sixteen digits long. The BIN makes up part of a credit, debit or gift card number and is essential to identify the issuing institution. This little number ensures that transactions made with a card are routed correctly.
Mastercard has announced that they have received an additional range of 2-series (222100-272099) numbers, which will be issued around October 2016. This new BIN series will be processed in the same way as their existing 5-series (510000-559999).
ICEPAY’s partners for acquiring credit card have already implemented and tested the new 2-series BIN range out successfully.
When do BIN changes go into effect?
|Timing||Who’s affected?||What’s happening?|
|Now until October 2016||Self-processing acquirers and issuers, and third-party processors||Host testing with MasterCard|
|Now until October 2016||Acquirers, processors and issuers||Downstream ecosystem testing|
|October 2016||All ecosystem participants||Payments ecosystem 2-series readiness|
|January 2017 and beyond||All ecosystem participants||Issuers may be assigned 2-series BINs|
|June 2017||All ecosystem participants||Merchant and ATM field testing and compliance program begins|
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