<Enhancement to the existing product>
<Requires a separate service agreement to launch a pilot project>
WAY4 now works with eight-digit BINs. International payment schemes have introduced this new standard to ensure an adequate BIN supply for the growing global payment industry. All issuers are required to support the new BINs by April 2022, thus avoiding misrouted transactions and unnecessary costs. OpenWay customers can migrate to the new standard without operation disruption or much reconfiguration of WAY4.
How will it work?
After the deadline every six-digit BIN, previously assigned to an issuer, will turn into 100 eight-digit BINs. For example, 412345 will turn into a hundred of eight-digit BINs – ranging from 41234500 to 41234599. Most probably, the international payment schemes will charge members for all new BINs instead of the initial one. Issuers are recommended to deactivate unused eight-digit ranges to optimize the BIN usage and avoid unnecessary costs.
Issuers on WAY4 can clear the unoccupied BINs ranges step by step. Existing cards would keep the old BIN until the card expiry date. All re-issued and brand-new cards would get the new eight-digit BIN selected by the issuer. If you prefer a faster adoption of the new standard, we can prepare scripts for a ‘Big Bang’ mass re-issuance of card batches.
OpenWay conducts BIN migration projects under a separate service agreement. To learn more, please consult your BRM.