New 2-Series Mastercard BIN Range
Mastercard brings the huge change in there Bank Identification Number (BIN) by adding the new series of 2. You can discover more data about this change. Which includes including another 2 series, on our blog. Banks won’t begin issuing cards with the 2 series until January 2017. Yet we need to keep you up to the date of forthcoming changes.
Mastercard BIN Range
This new 2 series BIN range will be prepared in an indistinguishable way from the current 51-55 BIN range. All new and existing merchants would need to accept and support the new change. Merchants needs make sure that their terminal should have the ability to accept the new 2 series of Mastercard.
Bank Identification Numbers (BINs) are fundamental to payments. They identify the issuing institution for each cardholder account and enable transactions to be properly routed. BINs are currently the first six digits of the account number.
Since the 1960s, Mastercard has been closely identified with the 51-55 BIN range.The International Organization for Standardization (ISO), an independent, non-governmental international organization that develops voluntary global standards. The ISO/IEC 7812 standard defines an Issuer Identification Number (IIN). Known as a BIN within the payments industry. The American Bankers Association is the current registration authority that manages the BIN allocation process on behalf of ISO.
The payments industry is more complex than ever with new devices and technologies emerging in a connected world. The industry’s finite supply of BINs is reaching current capacities. 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. So, the industry needs more BINs to manage industry growth.
Q: When do changes go into effect?
A: Cards with 2-series BINs will be issued beginning in 2017.
In November 2014, Mastercard announced the required technical updates to add the 2-series BINs to its supply. The changes to support the new BINs need to be integrated into issuer, acquirer, merchant and processor systems by October 2016.Mastercard will begin merchant field testing of the 2-series systems on June 30, 2017.
Q: How will the 2-series BINS impact merchants?
A: Merchants need to evaluate their systems with their acquirer or service provider. Based on that review, merchants may need to make updates to be able to accept transactions with the 2-series BIN range.
Q: How will the 2-series BINs impact issuers?
A: Issuers will need to upgrade their systems to be compatible with 2-series BINs. But all systems should be analyzed to determine if any additional changes are required. Software providers may have updates available, and internally developed solutions may require enhancements.
Q: How will the 2-series BINs impact service providers and vendors?
A: Service providers and vendors will need to work with their acquirer partner to upgrade their systems to be compatible with 2-series BINs.
Q: How will the 2-series BINS impact acquirers?
A: Acquirers will need to upgrade their systems to be compatible with 2-series BINs.
For more information, visit the 2-series BIN page.
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