Card Issuing Banks Must Issue Internal Regulations to Manage BIN Codes

According to the provisions of Clause 3, Article 7 Circular 26/2019/TT-NHNN, the card-issuing organization is allowed to use the digits following the bank card issuer organization code (hereinafter referred to as the BIN code) granted to distinguish the type of product, service, card technology, or geographical location. The card-issuing organization must issue internal regulations on the management and use of the BIN code, including the BIN code granted by the State Bank of Vietnam and the codes established by the card-issuing organization.

Illustration (source: internet)

Additionally, in the management of the BIN code, the issuing organization must comply with the following regulations:

- Within 180 days from the date of being granted the BIN Code, the card-issuing organization must put the BIN code into use. If the card-issuing organization does not use the BIN code within the stipulated time, it must send a written request to the State Bank of Vietnam (Payment Department) asking for an extension. The maximum extension period is 90 days from the date the State Bank of Vietnam issues a written acceptance of the extension upon the extension request of the card-issuing organization.

- The card-issuing organization must use the BIN code granted by the State Bank of Vietnam according to the purpose in the BIN code request and is not allowed to transfer the BIN code in any form. In case of changing the name of the card-issuing organization, within 5 working days from the date of name change, the card-issuing organization must notify in writing to the State Bank of Vietnam (Payment Department) about the name change.

- In the case where a card-issuing organization (which has been granted a BIN code by the State Bank of Vietnam) merges or consolidates, the card-issuing organization formed after the merger or consolidation is allowed to choose one BIN code among the BIN codes being used by the card-issuing organizations participating in the merger or consolidation. Within 3 years from the date of merger or consolidation, the card-issuing organization formed after the merger or consolidation must convert the cards of the card-issuing organizations with BIN codes not selected to the chosen BIN code. After this period, the card-issuing organization must notify in writing to the State Bank of Vietnam (Payment Department) about the termination of the use of unselected BIN codes.

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See additional regulations at: Circular 26/2019/TT-NHNN, effective from March 1, 2020.

Thu Ba

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