IDT Finance is a leading issuing bank transforming and safeguarding the future of card payments to serve our clients through the digital revolution. We specialize in providing the best BIN (Bank identification number) sponsorship services in the European and UK market. IDT Finance partners with Visa© and Mastercard® to offer a diverse range of banking and payment solutions for your own branded prepaid debit card programme. We can help your business drive sales, loyalty and brand awareness as well as streamlining internal processes.
What is a BIN Code?
A Bank Identification Number (BIN) for prepaid card solutions, refers to the first six numbers on the front of your prepaid debit card. This number is unique to the card payment network like Mastercard and Visa. They are assigned by the payment schemes and are essential to card payment processing.
Launching A Prepaid Card Programme
If you are considering launching a prepaid card programme here are your options:
You can explore the possibility of becoming a principle member of a card payment network like Visa and Mastercard. This option will give you direct access the payment scheme however this might not be the most efficient option for your business for various reasons; Your business might not be eligible to apply for principle membership to the payment’s schemes; applying for a direct membership is a complex, costly and time-consuming process; and most importantly might not be the best strategic decision for your company.
So, what’s the alternative?
You can save on costs, effort, and time in establishing, running and maintaining a direct relationship to the payment scheme of your preference, by partnering with an intermediary. These intermediaries are called BIN sponsors or Issuing banks.
Partnering with A BIN Sponsor
If a direct payment scheme membership is not the optimal solution for your business, then BIN sponsorship would give your businesses a quick and easy solution to join a card payment network. BIN sponsorship through an intermediary, a direct scheme member called BIN sponsor, is a facilitator for those businesses who want to issue prepaid cards and e-wallets. Partnering with a BIN sponsor offers an ideal way for your company to get integrated on the Mastercard and Visa payment networks. A BIN sponsor will help you fast-track your programme launch, bringing your product to market quicker and at a lower cost, and to cash in on your great business idea. Partnering with a BIN sponsor to become an indirect card payment scheme participant implies that your business will establish a connection to a direct scheme participant and use their services to access the card payment network.
Why Partner with IDT Finance
IDT Finance is the partner of choice to fast-track your business ideas and strategy to execution. We are a leading provider of services and solutions setting the standard for excellence in the card payments sector. Our broad and deep client relationships set us apart. We are established as a market leader in the prepaid debit card sector having launched many dynamic and exciting card programmes in Europe and the UK in partnership with our clients. We are forward thinkers in a complex ecosystem and partner with corporates and cutting-edge technology companies in fintech to challenge the way we conventionally bank for the better.
How We Are Banking Differently
- We are leading with excellence through innovative products, services and relationships
- We do the right things in a collaborative manner
- We provide transparency throughout and for all partners
- We are a trusted partner enabling clients to focus on their business
- We act with integrity to do things right for all our partners
Innovative, Secure, And Reliable BIN Sponsorship
We have been running successful prepaid debit card programmes since 2006, shaping and safeguarding the future of card payments in Europe and the UK. At IDT we are committed to fighting financial crime and making the financial system safe. IDT have invested in a state-of-the-art transaction monitoring platform to assist us in that. According to Sam Carrara, Head of Financial Crime, IDT Finance: “By teaming up with Feedzai Inc, we have created an innovative and customized solution to meet our complex needs and those of our clients and their products”. The solution is unique in the way that it deals with multiple transaction processors, clients, and products all in one system. Equipped with a high number of rules to check transactions against, that are fully customizable and adaptable to each product, we feel this initiative places us in a solid position for financial crime risk management.