With Parrot by Pagos, you have access to accurate, up-to-date BIN data for each payment card your business processes. At minimum, this BIN data gives you quick insight into the types of cards you’re processing and where they’re from. If you’re looking to get even more from your BIN data, or you just don’t know where to get started, we’ve got your back! The practical examples outlined below demonstrate how to further interpret BIN data and apply what you learn to improve your business.
BIN stands for bank identification number and is the first 8 digits of a primary account number (PAN). The BIN provides background information on the card, including information about the institutions associated with the card (issuer and brand) and the card product itself (card type, associated industry, etc). Parrot provides a single access point to BIN data from all networks. To learn more about the details of BINs, check out our blog post introducing Parrot.
Once you’re ready, read on to understand how to apply BIN data to your business.
BIN data includes the card product type (e.g. prepaid, debit, credit). Analyzing card products helps you fine-tune your risk rules, target your marketing efforts, and analyze your processing costs.
A core component of BIN data is identifying the issuing bank associated with cards. Once you know the issuing bank, you can use this information to segment your payments data for further analysis.
Knowing this information prepares you for any conversations with your partners, processors, and issuers, and identifies areas where you could be a better partner yourself. Once engaged in a conversation with one of your partners, you can discuss opportunities to send better data on a transaction or enable more payments capabilities to increase the chance of an approval. For example, sending more transaction data (e.g. zip code or other demographics), enabling network tokenization, or even adjusting your retry strategy at the BIN level could help boost any performance challenges you found through BIN data analysis. This could lead to a sophistication of your payments ecosystem and better collaboration with your partners.
BIN analysis is not always a walk in the park. Overlaps within BIN files and incorrect data sometimes invalidates BIN analysis. Adjusting to the 8-digit BIN change will help with any overlapping data issues, because it increases the granularity and improves the accuracy of your analysis.
Equally important, is to source your BIN data from a reputable source. Parrot has a direct connection to the networks themselves and provides BIN updates every single week.
Are you ready to level up your BIN analysis? Sign up for Parrot today!