If you don’t have your BIN yet, Wallester can sponsor a BIN for you. Get up and running immediately — no need to wait for a long and arduous application process.
If you are looking to launch a new financial product with a card component, you are likely to work with Visa or Mastercard.
To do so, you have to obtain a Bank Identification Number (BIN) as a necessary piece of the puzzle.
This is the key identification number used to track transactions, remit payments, and document activity for regulatory purposes. It is non-negotiable in the fintech sphere.
The challenging part though is that applying for a BIN and obtaining it can take up to 3-6 months, with additional time required to launch your product to the market assuming there are no obstacles along the way. Such a waiting period is excruciating, especially when you have product momentum and you want to get off the ground running.
Luckily, there is a solution. And it is called BIN sponsorship.
The core idea is that you can work with an established company like Wallester that has already obtained all the necessary approvals.
Your sponsor can assign you BINs and account numbers meeting your objectives — no need to deal with Visa yourself. By leveraging their existing setup, you can launch your cards much quicker and more efficiently than on your own.
How we do it
Here at Wallester, we have done this for a wide range of clients, and it has been a life-saver for so many.
By eliminating the onerous administration and the waiting time, clients can get straight to what is really important — running their business. We take care of all the regulatory compliance that enters the game and give you the functionality you need with no fuss. Get up and running to test your ideas in the marketplace and decide on further investment of time and resources.
It is also worth noting that it is not just securing the BIN that we can help with. Our REST API goes much further, serving as a financial hub for all of your card-related components. Instead of dealing with multiple services and systems, the Wallester REST API combines everything into one easy-to-use platform for your convenience.
Here are some of the pieces you can incorporate:
- Card Issuing
- 3D Secure
- Fraud Monitoring
- Virtual Cards
- White Label Solutions
Instead of spending months trying to tie these pieces together, Wallester can do it all for you, taking care of all the details and letting you focus on growing your business.
“Our platform is intuitive, packed with features, and gives you everything that you need from a financial technology perspective to build your organization.”
When you work with us, you will also gain access to the best customer support in the industry — and never walk this journey alone. If it sounds interesting to you, be sure to get in touch today, and let’s see how we can help!