Expanded Apple Pay JS Support
In March, we added support for merchant tokens and Buy Now, Pay Later...
We are thrilled to announce an enhancement to our tokenization platform: BIN Details! The BIN, or Bank Identification Number, allows access to details, a powerful tool for merchants and Fintechs to enhance fraud detection, reduce processing costs, and gain a deeper understanding of payment opportunities and customers.
BIN refers to the first six or eight digits of a credit or debit card number. This identifier lets you determine the card type (Visa, Mastercard, American Express) and the card issuer (Chase, Bank of America, Wells Fargo). Basis Theory offers two levels of BIN details: Standard and Enhanced.
Standard BIN details provide essential information about the payment card, such as the card network, card type, and issuing country. This is great for gaining insights into your payments ecosystem and helps you make informed decisions during payment optimization or fraud detection.
With Enhanced BIN details, you get more information about your customers, their accounts, and the associated costs of processing payments. This data includes, but is not limited to the following:
Check here to see the full list.
Merchants and fintechs use BIN details to improve their business in a number of ways, including:
BIN details are part of a growing set of products that can enrich token data with the Basis Theory vault. The data is added as a token property and returned during every token operation and is available for use within Detokenization Expressions.
All Standard and/or Enhanced details will automatically be appended to your token data with BIN turned on. There’s no additional work to do, no additional API calls to make.
BIN details are yet another tool merchants can use to enhance fraud detection, reduce processing costs, and deliver an outstanding customer experience. Reach out to us if you have any questions or want to know how the BIN info can go to work for your company.
BIN details are an enterprise-only feature, so reach out to us and we can enable it for you today.
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