What is a BIN
The bank identification number (BIN) is the initial four to six numbers that appear on a credit card. The BIN uniquely identifies the institution issuing the card. The BIN is important for matching transactions to the issuer of the charge card.
How a BIN Works
The bank identification number is a numbering system developed by the American National Standards Institute and the International Organization for Standardization (ISO) to identify institutions that issue bank cards. The first digit of the BIN specifies the Major Industry Identifier (MII), such as airline, banking or travel, and the next five digits specify the issuing institution or bank. For example, the MII for a Visa credit card starts with the number four. The BIN helps merchants evaluate and assess their payment card transactions.
The BIN quickly helps a merchant identify which bank the money is being transferred from, the address, and phone number of the bank, if the issuing bank is in the same country as the device used to make the transaction. The BIN verifies the address information provided by the customer.