PayIVR 5.2 is now available in production. The purpose of this release is to add support for a new BIN length (8-digit BINs).
What is a BIN?
A Bank Identification Number (BIN) is a number that identifies the issuer of a payment card. It comprises the first 6 or 8 digits of the primary account number located on the front of a payment card and is used to route transactions.
What is changing?
ISO introduced a new eight-digit BIN length, and Visa announced its support by mandating that Visa acquirers and processors be able to support the new length effective April 2022.
Who is ISO and what is their role?
The International Organization for Standardization (ISO) oversees the BIN standard.
What is the purpose of the change?
The purpose of the change is to address a diminishing supply of BINs.
How are existing BINs affected by the change?
Existing six-digit BINs will continue to be supported, but Visa is only assigning eight-digit BINs moving forward.
How does PayIVR use BINs?
PayIVR uses BINs as part of Card Filtering.
What is Card Filtering?
Card Filtering is a feature of all PaymentVision payment and card registration channels that enable clients to enforce card acceptance restrictions by type (debit, credit) and issuing bank.