What Is Visa's 8-Digit Bin Migration
BIN stands for Bank Identification Number, which is VISA terminology for INN. An INN is associated to a card-issuing financial entity and was created by ISO (Organization for Standardization). INN stands for Issuer Identification Number. The INN is the first six digits of a card number. The pool of available six-digit INNs has significantly been depleted due to growth in issuers, acquirers, and tokens, which are used to create virtual card numbers. To resolve this problem and ensure there are plenty of INNs to go around for years to come, ISO has decided to extend INNs to eight digits. The decision was formally announced on July 28, 2016, by an American National Standards Institute (ANSI) publication. Visa BINs begin with the number 4. The BIN change extends Visa's BIN pool from 100,000 six-digit BINs to 10,000,000 eight-digit BINs. The existing first six digits (original BIN) will remain the same. The following two numbers will become part of the new eight-digit BIN. This migration will take place on April 2022. Primary account numbers (PANs) will stay the same. Cardholders do not need to be reissued new cards.
Do I Need To Do Anything?
Yes, and it is all on the back end, not involving card customers. Any unused nine-digit account ranges within their current six-digit issuing BINs must be deactivated before April 2022. This will simplify the post-migration management of the expanded BIN pool. After the April 2022 migration, issuers should return any un-used eight-digit issuing BINS to Visa. Work with your vendors and issuer processors to deactivate these BINs. For acquirers and merchants who route and process transactions based on six-digit issuing BINs, must now route and process transactions based on Account Range Prefix. Otherwise, processing inconsistencies will occur today and in the future.