BIN Sponsorship
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.
BIN Sponsorship
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.
Main idea
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
- Tokenization
- 3D Secure
- Processing
- KYC/AML
- 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!
BIN Sponsorship FAQs
What is a BIN Sponsorship?
Direct scheme membership doesn’t relate to the most efficient card schemes for your business in the payments industry. Luckily, there is a solution and it is called BIN sponsorship. E-money institution or other fintech company, after becoming Visa principal member, have the opportunity to build and become BIN sponsor for their clients.
A BIN Sponsorship means intermediary service when you allow a third company to use the BIN number assigned by Visa. Why not apply for this product to Visa right away? It is a possible solution. It is called a direct scheme.
Direct schemes are complex, time-consuming and costly as a result. This business model includes various form fillings. Financial institutions that provide BIN numbers require registration fees, certifications, supporting documentation, and collateral. You also need ongoing reporting and scheme compliance. But it’s time-consuming and dragging, either.
BIN Sponsorship is much faster and easier because you don’t need to comply with cumbersome regulatory requirements to use BINs.
How does BIN Sponsorship work
Wallester is a certified partner with assigned BINs by VISA. Our partner provides us with the list of 6-9 digit codes. When a corporate client applies to us, we «sponsor» these BINs to a particular company. So they don’t need to get it from VISA anymore, pass all these laborious processes, and comply with direct scheme rules. Being authorised, they can use our BINs to transact payments much faster.
How could BIN Sponsorship help my product?
You can use all types of BINs and get access to any VISA program through Wallester. The primary benefits for your business are
- Speed. You can get your product to the market much faster and receive feedback from your customers at the earlier stages. This data helps your team to enhance your business processes further.
- Legal. Regulatory compliance is a long-term process. Studying direct scheme rules may last from three to six months. You don’t need to seek additional licenses by applying to our company.
- Time-saving. BIN Sponsorship saves your time on an in-house development team and legal issues. We have relevant specialists to fulfil your needs in the development and legal aspect.
- Cost-efficiency. As a result, you save resources to launch your product faster with low expenses and legal fees. No need to pay for the development of your platform because Wallester has its in-house built platform.
Who uses BIN Sponsorship
Several companies can use BIN Sponsorship as an effective tool for their business. We can admit companies who need this service more often than others:
- Consumer Loan Providers. The consumer market is highly competitive. This category aims to provide faster loan funding for its clients. BIN Sponsorship allow them to obtain virtual and physical cards in no time.
- Peer-to-Peer Loan Providers. Such businesses need immediate dividends and loan payments to satisfy client wants. Wallester brings new life to your ideas about faster funds transfer.
- E-commerce Marketplaces. Multi-brand online stores use the most secure and convenient card schemes for their customers. Our team helps e-commerce businesses to get off the ground much quicker with virtual payment cards, 3D secure authentification and other valuable tools.
- Business Loan Providers. Clients of borrowing companies need to fill in a new application every time they visit them. Our programme managers offer a proposition when lending companies clients apply only once receiving all necessary services.
- Banks. The banking sector is a complicated one. Production of credit, debit and prepaid cards and opening dozens of banking accounts may burden them. Our company streamlines card production and processes by issuing BIN Sponsorship.
- FinTech Companies. Some FinTech entities don’t possess up-to-date modern technologies. BIN Sponsorship provided by Wallester aids those companies in enhancing their payment functionality.
- Travel Agencies. Tour operators’ businesses collaborate with companies from different sectors like transportation and HoReCa (hotels, restaurants and catering). Banks issue a limited number of cards and prepaid card programmes, so we can help you with virtual cards and multiple instant payments.
- Insurance Companies. This business category has a variety of partners (medicine, repair services, etc.). These companies need to pay in case of insured events. So they need instant payment solutions that we provide.
- Online Advertising Buy & Sell. A single payment card for multiple advertising campaigns is not a reliable marketing solution. Our team provides both physical and virtual cards and security solutions for them.
- Streaming platforms. Online platform owners tend to provide high-class payment solutions for their customers. With Wallester, these companies may instantly transact payments with the aid of payment processors.
BIN identifies the financial institution that issued the card. It is a core aspect of the matching transactions process to the issuer of the charge card.
Your company obtains BIN faster and conveniently comparing with applying to VISA.
Avoiding dragging regulatory requirements from financial institutions and other procedures BIN sponsorship allows you to start card programs much quicker and more conveniently.
BIN sponsors issue BIN ranges allowing companies to offer payments solutions to their clients.
VISA and Mastercard offer direct scheme membership. While BIN Sponsors offer principal card scheme membership to ensure companies to process payments through it.
Every business needs stable, fast, reliable payment scheme membership to satisfy their clients.
The challenging part is that applying for a BIN and obtaining it can take up to 6-12 months, with additional time required to launch your product to the market, assuming there are no obstacles. Such a waiting period is excruciating, especially when you have product momentum and want to run off the ground.
We are responsible for card issuing, including virtual cards, 3D secure, processing, KYC/AML, Fraud monitoring, REST API and other products.