Cards glossary

BIN

The term bank identification number (BIN) refers to the first four to eight numbers on a payment card. This set of numbers identifies the financial institution that issues the card.

Card PAN

The Primary Account Number or payment card number is a card identifier. This unique card identifier commonly consists of 14, 15, or 16 digits. You can understand a lot from a primary account number if you familiarize yourself with the method behind its creation. The very first digit is known as the scheme identifier. For example : American Express cards start with a 3, Visa cards start with a 4, MasterCard cards start with a 5, Discover cards start with 6.

CVV

Card Verification Value is a tree digits number which is required to complete transactions using cards, but along with that, it also provides added security against scams. Generally, you can find it on the back side of the card.

Business / Commercial Cards

Are used to manage company expenses. The flow of funds will come from the entity and they will be the sole owner of these funds, the Enduser (cardholder) has no authority or ownership of these funds nor can they fund the ledger for card spend. Both a company and an individual can fund the associated ledger.

Retail Cards

If funds belong to the Enduser (cardholder) then the card is deemed as a consumer card regardless of the flow of funds. These types of cards are used as travel money, payroll, payout cards, gift, incentives and general spend. Both a company and an individual can fund the associated ledger.

Card Manufacturer

Primarily producing physical cards with EMV, defines a set of security standards for credit and debit card transactions that can be used for NFC mobile payments, too. These cards use a smart chip instead to hold the data that is required to process a transaction.

Card Programme

Cards are issued against a programme which holds the customer's unique settings, such as cardholder premitted types and regions, the card and carrier design etc.

Card Scheme

This type of scheme is open for other regulated institutions to join and issue their own cards. This signifies card schemes such as Visa and Mastercard.

Chargebacks

A dispute resolution process that is used to determine the responsible party in a chargeback related dispute. This process has three cycles in which stakeholders can resolve the dispute themselves. If they do not resolve the case within three cycles, they must send the case to arbitration. The three cycles are: First chargeback (submitted by the issuer). Second presentment (submitted by the acquirer). Arbitration chargeback (submitted by the issuer)

Interchange

Interchange fee is a term used in the payment card industry to describe a fee paid between banks for the acceptance of card based transactions.

Issuing Bank

An issuing bank is a bank that offers card association branded payment cards directly or BIN Sponsorship to Programme Managers.

Negative Interchange

Typically for a cash transaction (ATM withdrawal) the interchange fee is paid from the issuer to the acquirer.

Positive Interchange

Typically a sales transaction (POS) it is a fee that a merchant's bank (the "acquiring bank") pays a customer's bank (the "issuing bank »).

Processor

An issuing processor is a company (often a third party) who communicates with the issuing bank to authorise and settle card transactions.

Programme Manager

As Programme Manager we coordinate and control the different entities and disciplines within the value chain providing an end-to-end solution for the customer to issue branded card programmes /solutions.