To prepare you for the change to an eight-digit Bank Identification Number (BIN) or Issuer Identification Number (IIN), we’re running through the key information you need to know. The new eight-digit BINs and IINs come into effect on April 22, 2022.
What do you need to do?
Square has performed the necessary updates to our systems to support this change and there is no impact to sellers. Square sellers do not have to do anything to support 8 digit BINs.
What is a BIN?
The term “Bank Identification Number” (BIN) refers to the first four to six numbers on a payment card. It can also be known as an “Issuer Identification Number” (IIN). This set of numbers identifies the financial institution that issues the card. As such, it matches transactions to the issuer of the card being used. BINs can be found on various payment cards, including credit cards, charge cards, and debit cards. The BIN system helps financial institutions identify fraudulent or stolen payment cards and can help prevent identity theft.
What does issuing BIN expansion mean for the payments industry?
In 2017, the International Organization for Standardization (ISO), published the new standard for Issuer Identification Number (IIN) length. This new standard expands the numeric length of a BIN or IIN from six digits to eight digits for verification purposes.
Note: The 16-digit card number will remain unchanged.
Effective 22 April 2022, Visa and Mastercard will begin assigning eight-digit issuing BINs and all merchants will need to be able to accept the new eight-digit BINs when completing a transaction.
The issuing BIN is currently the first six digits and will change to incorporate the first eight digits.
Want to know more?
For more information, read Visa’s Preparing for the eight-digit BIN (PDF, 197 KB), to find out why this change is being made and how you can get ready for it or watch their video.