What is a Bank Identification Number?
A bank identification number, or BIN, is an identification number that consists of a two-part code assigned to banks and savings associations; the first part shows the location and the second identifies the bank itself. This identifies the institution that issued the card to the cardholder, as well as the card type (i.e. debit, credit, gift card)
Electronic Merchant Systems Payment Processing Glossary :
Defining key payment processing and merchant services industry terms to help business owners make better decisions.