Obtain your custom-branded payment cards (physical, virtual, prepaid, debit or credit) without the hefty expenses, intricacies, and inconvenience of managing it independently. test
As a principal member of Visa and Mastercard, Walletto assist you in navigating the BIN setup procedure and establishing a flexible payment card program. Our team provides comprehensive technical and operational assistance, empowering you to introduce fresh services, appeal to a wider audience, and boost your earnings.
Obtaining a BIN (bank identification number) sponsorship is a complex, time-consuming process and most startups and early stage fintechs use a program manager to help them get access to a shared BIN so they can get to market faster and start earning revenue sooner.
It's important to understand the complexities of switching sponsor banks, and how to minimize program disruption.
Why and how you can switch/migrate a BIN sponsorship.
Do I have to switch BINs if I'm changing sponsor banks (Issuers) or processors?
BINS are only issued by a bank, financial institution or credit union (refer as Issuer), so fin techs and program managers will have to change BINs if switching Issuer , unless the current issuer is willing to transfer the BIN to a new financial institution. However, if you’re switching processors (and not Issuer), you don’t have to switch BINs, as long as the processor you’re switching to already has a relationship with that BIN sponsor (Issuer). In that case, you can do a BIN migration or start with a new BIN and perform a card replacement.
How long does it take to switch BINs?
Switching BINs can be a lengthy process (6+ months), if you are program managing yourself . This process can be navigated more quickly and easily with a right partner-Issuer that’s already integrated into the issuing processors financial services ecosystem, and can take as little as 2 months.
How hard is it to switch a BIN Issuer?
Without the right processing partner, taking on the responsibility to switch BIN Issuer can be a complex process because it involves regulatory compliance, technical integration, data migration, processing agreements, testing, and stakeholder management. The level of difficulty varies depending on the fintech's size, type of card programs, and the specific requirements of the new sponsor bank.
What should I know before I switch BIN?
There are a number of steps you should be prepared to navigate before switching Bin Issuer. Your BIN Issuer should help you navigate this process in greater detail, but you should be prepared to:
- Provide documentation demonstrating your existing regulatory compliance and risk policies, and be prepared to modify these to meet the new bank’s requirements.
- Agree on new transaction limits and fraud rules
- Demonstrate that your existing customers have passed KYC or be prepared to re-establish KYC for all customers.
- Establish and fund new accounts as outlined in your agreement.
What is a BIN migration?
BIN migration refers to the process of transferring or transitioning a set of BINs from one payment processor or service provider to another. The migration involves moving the BINs and associated cardholder accounts, transaction data, and processing capabilities from the existing system to the new system. With the partnership and expertise of a highly-qualified partner, it can be a well-organized and efficient process. A good processor will have a deep understanding of the entire process, so they can anticipate issues and opportunities and help you navigate every step.
