Search results
Results from the WOW.Com Content Network
Payment card numbers are composed of 8 to 19 digits, [1] The leading six or eight digits are the issuer identification number (IIN) sometimes referred to as the bank identification number (BIN). [ 2 ] : 33 [ 3 ] The remaining numbers, except the last digit, are the individual account identification number.
The first six or eight digits, including the major industry identifier, compose the issuer identifier number (IIN) which identifies the issuing organization. The IIN is sometimes referred to as a "bank identification number" (BIN). The IIN's use is much broader than identification of a bank. IINs are used by companies other than banks.
An issuing bank (also called an issuer) is part of the 4-party model of payments. [2] It is the bank of the consumer (also called a cardholder) and is responsible for paying the merchant's bank (called an Acquiring Bank or Acquirer) for the goods and services the consumer purchases. It issues the payment card and holds the account with the ...
An acquiring bank (also known simply as an acquirer) is a bank or financial institution that processes credit or debit card payments on behalf of a merchant. [1] The acquirer allows merchants to accept credit card payments from the card-issuing banks within a card association, such as Visa, MasterCard, Discover, China UnionPay, American Express.
A Universal Payment Identification Code (UPIC) is an identifier (or banking address) for a bank account in the United States used to receive electronic credit payments. [1] A UPIC acts exactly like a US bank account number and protects sensitive banking information.
A payment processor is a system that enables financial transactions, commonly employed by a merchant, to handle transactions with customers from various channels such as credit cards and debit cards or bank accounts. They are usually broken down into two types: front-end and back-end.
The credit card company or issuing bank automatically checks the billing address provided by the customer to the merchant against the billing address in its records, and reports back to the merchant who has the ultimate responsibility to determine whether or not to go ahead with a transaction.
A bank of issue, also referred to as a note-issuing bank or issuing authority, is a financial institution that issues banknotes. [ 1 ] : 10 The short-lived Stockholms Banco (1657-1667) printed notes from 1661 onwards and is generally viewed as the first-ever bank of issue.