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BIN is an abbreviation for Bank Identification Number, and it refers to the first four to six numbers that appear on a credit card. This string of numbers indicates the institution that issued the card and is essential in the process of connecting transactions to the charge card’s issuer.
If a company wants to be properly recognized as a financial institution in a specific area or region, it can become a Licensee (also known as a “Principal Member”) of the Card Schemes directly (in particular, MasterCard and Union Pay).
The use of digital payments ensures that the cardholder can make contactless, online, or in-app payments using a mobile device that has been loaded with digitized payment credentials. Monitox, as an issuer, is integrated with Apple Pay, Google Pay, and Samsung Pay, and can assist program administrators in enabling digital payments for their cardholders. Monitox can also help an entity certify their own digital wallet or integrate with existing digital wallet providers.
Digital Banking connects you to a number of payment alternatives, including Faster Payments, BACs, Direct Debits, and SEPA Transfers, over a single compliant link. Monitox has a solution for you whether you are a clever payment solution provider looking for an API to connect into the Monitox solutions or a ready-made digital banking solution to plug and play.
SEPA (or the Single Euro Payments Area) is the new cross-border euro (EUR) bank transfer standard. SEPA aspires to make cross-border EUR payments inside this area as easy as domestic transfers within your own nation. SEPA is comprised of the Eurozone, EU member countries, and a few more countries that also support EUR bank transactions.
Monitox is a financial services business licensed and regulated by the FCA, based in London that provides digital banking, issuing, and acquiring services.
The Financial Conduct Authority (FCA) is the conduct regulator for 59,000 financial services firms and financial markets in the United Kingdom, as well as the prudential supervisor for 49,000 firms and the setter of particular criteria for 19,000 firms.