Bank Identification Number (BIN)
Find a term in our glossary
Bank Identification Number (BIN)
The first four to six numbers on a payment card that identify the financial institution that issued the card. It plays a critical role in the electronic payment process, enabling merchants to route transactions for authorization and settlement. The BIN system enhances the security of electronic transactions by helping to detect potential fraud through the identification of the issuing institution.
It also facilitates the seamless integration of global payment networks, ensuring that transactions are processed efficiently across borders. Moreover, the BIN is essential for the implementation of anti-fraud measures, allowing for the quick identification and blocking of suspicious transactions by both merchants and card issuers.