Glossary
What do the technical terms mean
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Payment does not have to be complicated. However, there are technical terms that are often not common.
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Bank identification number
The first six digits of a credit or debit card, used to identify the card issuing bank.
Identification
In order to enable computerized monetary transactions, a unique identification of a financial institution is required. The bank identification number is used in the routing of ATM networks. The BIN is used to identify the card type and the issuer. The BIN has international validity, although other bank identification numbers are used for international transfers.
American Banking Association
The central registry for BIN codes is the American Banking Association. Most banks have several BIN codes, one for each card type. Since there is no public register, the respective bank must be contacted.