So, the industry needs more BINs to manage industry growth. The International Organization for Standardization (ISO) which has published ISO/IEC 7812 to define BINs, and the American Bankers Association which is the registration authority managing the numbers, has a limited supply of unused or unallocated numbers. With new devices and technologies emerging in a connected world, the industry's finite supply of BINs is reaching current capacities. The payments industry is more complex than ever. The American Bankers Association is the current registration authority that manages the BIN allocation process on behalf of ISO. The ISO/IEC 7812 standard defines an Issuer Identification Number (IIN), known as a BIN within the payments industry. The International Organization for Standardization (ISO), an independent, non-governmental international organization that develops voluntary global standards. Since the 1960s, Mastercard has been closely identified with the 51-55 BIN range. BINs are currently the first six digits of the account number. They identify the issuing institution for each cardholder account and enable transactions to be properly routed.
Bank Identification Numbers (BINs) are fundamental to payments.
