Whether you`re a program manager or a company that wants to work with an issuer for the first time, choosing a BIN sponsor can be difficult. So, what should you pay attention to? « If someone doesn`t have a fair plan to control who`s registered and what`s being said, I`d probably be more in favor of our enemies being outdone by a drink in a bar after a club meeting, » said Neil Mink, agent at The United Bank Card. « It`s done now and it`s working pretty well. The best information I learned at meetings is always after the meeting, when everyone goes to the bar. However, there are drawbacks to sharing this type of information informally. Not all of the most robust informal payment processing networks can reach all of them. And scammers move around a lot. In a rapidly changing business environment, informal due diligence can take an enormous amount of time for each potential partner. As an electronic money institution and Manager of Mastercard and VISA networks, we can offer BIN sponsorship to organizations that are not financial institutions, but still have their own e-wallet accounts and wish to carry out prepaid card programs. As with all our services, we adapt our offer to the specific needs of our customers in order to ensure that their objectives are achieved. This report outlines the basis for BIN sponsorship of prepaid card programs from the perspective of the financial institution that provides the bank identification number needed to connect to major card brand networks and act as the issuer of a prepaid card. BIN PARRAINAGE establishes a consistent link between an organization and the card system network, which allows transactions to be processed and cardholder funds billed. Banking Identification Number (BIN) Sponsorship is a quick shortcut for many companies that get their offer on the market both in Switzerland and abroad. BIN sponsorship allows companies to process payments through an intermediary who is a direct member of the program.
An essential component of any bin sponsorship, overseas companies wishing to expand into EU markets, could apply the same strategy that has served them well in other international markets without taking due account. New agents generally lack informal professional networks to warn them of ISOs with bad intent. When agents sign an unfair contract, they may have little recourse, other than to sacrifice their wallets and continue, poorer but smarter. Hiring a lawyer to verify contracts prior to signing, checking with associations such as The Better Business Office and interviewing current ISO agents and distributors are all measures that MLS should consider before signing agreements. The report defines the role of the BIN sponsor in the value chain of prepaid cards, the responsible ways to make money with BIN sponsorship and the extent of the market. The report focuses on the many links that the BIN sponsor/transmitter must have and maintain for a prepaid card program and identifies the party responsible for each part of the transaction, the areas involved and the items that need to be taken into account before becoming a BIN sponsor. BIN`s prepaid sponsorship is again attractive for the issuance of banks and credit unions, as the prepaid debit function moves the financial services industry forward. Almost every new product, feature or feature marketed by fintech companies works on a prepaid debit card platform, due to open networks and the use of application programming interfaces (APIs). The key to a successful prepaid BIN sponsor is to follow the regulations and have continued and frequent monitoring of sponsored programs.
Highlights In terms of product viability, external policy factors can also have unintended consequences for BIN`s sponsorship decision.