Mastercard is working with a committed group of industry participants to ensure all voices are heard in establishing the most efficient standard for continued industry growth. If adopted, it would require more extensive systems planning and upgrades. The industry is considering a move to a new 8-digit BIN standard and is discussing an appropriate implementation date. What other changes may impact BINs in the future? How will the 2-series BINs impact service providers and vendors?Īcquirers will need to upgrade their systems to be compatible with 2-series BINs. Software providers may have updates available, and internally developed solutions may require enhancements.įor more information, visit the 2-series BIN page. Issuers will need to upgrade their systems to be compatible with 2-series BINs, but all systems should be analyzed to determine if any additional changes are required. How will the 2-series BINs impact issuers? The 2-series BINs adhere to the current (2015 revision) ISO industry standard and will work exactly the same way as the 5-series BINs do today.Ĭards with 2-series BINs were first issued in 2017. This will effectively double the existing supply of Mastercard BINs - allowing merchants to accept millions more transactions and our issuers to continue to support business growth. To expand supply, Mastercard is rolling out an additional 50,000 six-digit BINs (222100-272099). What is Mastercard doing to alleviate the limited supply of BINs? So, the industry needs more BINs to manage industry growth. The International Organization for Standardization (ISO) which has published ISO/IEC 7812 to define BINs, and the American Bankers Association which is the registration authority managing the numbers, has a limited supply of unused or unallocated numbers. With new devices and technologies emerging in a connected world, the industry's finite supply of BINs is reaching current capacities. The payments industry is more complex than ever. The American Bankers Association is the current registration authority that manages the BIN allocation process on behalf of ISO. The ISO/IEC 7812 standard defines an Issuer Identification Number (IIN), known as a BIN within the payments industry. The International Organization for Standardization (ISO), an independent, non-governmental international organization that develops voluntary global standards. Since the 1960s, Mastercard has been closely identified with the 51-55 BIN range. BINs are currently the first six digits of the account number. They identify the issuing institution for each cardholder account and enable transactions to be properly routed. If you have any questions, call Social Security at 1-80 (TTY 1-80).Bank Identification Numbers (BINs) are fundamental to payments. You may also print and fill out a waiver form and return it to the address on the form. For more information or to request a waiver, call Treasury at 85. In extremely rare circumstances, Treasury may grant exceptions to the electronic payment mandate. To learn more about opening a bank account, please visit FDIC: GetBanked - Learn How to Open an Account at an FDIC-Insured Bank. You can also create a my Social Security account and start or change Direct Deposit online. To learn more about how to easily switch from a paper check to an electronic payment option, visit Treasury’s Go Direct website or call the Treasury’s Electronic Payment Solution Center at 1-80. If you currently receive Social Security or Supplemental Security Income benefits by check, you must switch to an electronic payment option listed above. If you are applying for Social Security or Supplemental Security Income benefits, you must elect to receive your benefit payment electronically when you enroll. Your money is in your account ready to use when business opens the day you receive your check. You don't have to pay any fees to cash your checks. You don't have to leave your house in bad weather or worry if you're on vacation or away from home. Your money goes directly into your account. Convenient – With Direct Deposit, you no longer have to stand in line to cash your check when it arrives.And you'll have more time to do the things you enjoy! Your benefit will go automatically into your account every month. You can sign up online at Go Direct®, by calling 1-80, in person at your bank, savings and loan or credit union, or calling Social Security. Quick – It's easy to receive your benefit by Direct Deposit.Safe – Since your money goes directly into the bank in the form of an electronic transfer, there's no risk of a check being lost or stolen.Onto a Direct Express® Debit Mastercard®ĭirect Deposit is the best electronic payment option for you because it is:.Into an existing bank account via Direct Deposit or.There are two ways you can receive your benefits: Federal law mandates that all Federal benefit payments – including Social Security and Supplemental Security Income benefits – must be made electronically.
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