With the new that Mastercard® has received an additional range of BIN numbers consisting of 2-series numbers to add to the 5-series that they currently provide, what does this mean to you and are you ready for the change?
Fundamentally, the 2-series BINs operate in the same way as the 5-series and they have made changes to their systems to accommodate the new numbers. Readiness for the 2-series across Mastercard® issuers, merchants and other partners is tracking on target dates listed on their dedicated web site. Mastercard® customer financial institutions can expect to be issued 2-series BINs starting in 2017.
So what is a BIN number?
Bank Identification Numbers (BINs), which are the first six-digits of the account number, are fundamental to payments. They identify the issuing institution for the account and ensure that each transaction is routed correctly.
As a merchant, what do I need to know?
All merchant POS (Point of Sale) terminals and related systems, webpage checkout software and anywhere a Mastercard® card number is accepted or housed, must be 2-series ready per timing in later in this release. Merchants should work with their acquirer or service provider to evaluate their systems to determine whether updates are needed to accept 2-series BIN payments. Merchants who would like to request 2-series test or production cards can send an email to firstname.lastname@example.org.
Potentially, here are some of the issues you may need to address:
Point of sale (POS) terminals
Card not present / e-commerce
Fraud & risk management
Data management / PCI data security standards
Dispute resolution systems
Data warehouse & analytics
Staff training / awareness
When do BIN changes come into effect?
From January 2017, card issuers were starting to be issued with the additional 2 numbers, however merchants and acquirers need to be ready before the end of June 2017. You need to talk to your acquirer now to ensure you are ready to avoid losing out on sales and to avoid fines from Mastercard for non-compliance (subject to contract conditions).
What do the numbers mean on a card?
- BIN – the first 6 digits – identifies the issuing institution for each customer account and enables transactions to be routed properly.
- Account range – the next 1-5 digits – is how accounts are managed and segmented. Issuers use the account range to support ongoing innovation and safety and security.
- The customer identification number makes up the remaining digits. It is unknown to Mastercard and is defined and managed by the issuer.
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