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Posts
What is a BIN and Why it Matters
A Bank Identification Number (BIN) is the six-to-eight-digit sequence at the start of every payment card number. It identifies the institution that issued the card and determines how a transaction is routed through the payment network. When a customer makes a purchase, the BIN tells the card network which issuer to contact for authorisation, enabling the transaction to flow quickly and securely between merchant, acquirer, and issuer.
BINs are essential to how the payments ecosystem functions. They define card type, region, and currency, helping to manage fraud prevention, routing logic, and compliance with network rules. For fintechs, gaining access to a BIN is often the first major hurdle to launching a card programme. This is a process that typically requires direct scheme membership and complex regulatory approval.
Monavate simplifies this entirely. As a licensed BIN sponsor, Monavate provides access to its scheme memberships and existing BIN ranges, allowing fintechs and businesses to issue cards without needing to secure their own. This means faster time to market, full regulatory assurance, and the flexibility to design innovative card programmes while Monavate handles the technical and compliance foundation that makes the BIN and the entire transaction work.