New Bank Identification Numbers for the comfort of the card users

These days the users of the credit cards can benefit from a new service intended to simplify the use of their cards. A new service called BIN Database is a new online Bank Identification Number lookup service which enables the user to verify transactions and other applications by a simple entering of first 6 digits of person's credit card. 

According to the official press release the BIN is the acronym for Bank Identification Number whereas IIN is the acronym for Issuer Identification Number. All those numbers are used to identify the bank or the issuer of the card that uses BIN or IIN system. This numbering system helps the cards to be identified by the issuer or the bank when the payment is processed. 

BIN numbers have varied use in different industries. Many insurance companies use BIN or IIN to identify whether the person claiming insurance genuinely requires the amount or not. If the person is hospitalized the insurance companies approve the claims right away, but if the card is lost or the premiums have not been paid then the insurance companies can refuse the claims. 

The introduction of the BIN Database can enhance security of transactions and help various institutions in verifying people by their credit card, says the press release.