Industry Standard 8-Digit Issuer Identification Number (IIN) Supports Identity Resolution and Seamless Transactions with Card-Issuing Institutions
NORWALK, Conn., Feb. 07, 2024 (GLOBE NEWSWIRE) -- CUSIP Global Services (CGS) today announced that it has assumed administration of the industry standard Issuer Identification Number (IIN), also known as the Bank Identification Number (BIN), an 8-digit identifier used to uniquely identify card-issuing institutions, such as credit, debit and points/rewards card issuers. The American Bankers Association (ABA) has served as the registration authority for the IIN standard (ISO/IEC7812) since it was developed in the early 1970s. ABA will continue in that capacity, but day-to-day operations will now be managed by CGS.
“CGS is the world leader in operating state-of-the-art, universally accessible and ultra-reliable identification standards, as evidenced by its more than 50-year track record managing the CUSIP system and its award-winning work with the Association of National Numbering Agencies Service Bureau,” said Karin Flynn, Chief Financial Officer, ABA. “CGS brings improved operational efficiencies and the proven record of innovation necessary to help carry the IIN system into the future as the volume of issuers and digital transactions continues to proliferate.”
Under the agreement with ABA, CGS will manage all day-to-day administrative responsibilities associated with the IIN standard, including customer service, management of new applications, identifier issuance, billing and payments, and database maintenance.
“With approximately 90% of all consumer transactions in the U.S. now taking place on credit, debit and virtual cards and new card issuers entering the marketplace almost daily, the need to maintain a rock-solid backbone for issuer identification is more important than ever,” said Scott Preiss, Senior Vice President and Global Head, CUSIP Global Services. “We are honored that ABA has entrusted us with this critical role and we look forward to many years of seamless, efficient operation of the IIN standard.”
For more information, please visit CUSIP.com.
About CUSIP Global Services
CUSIP Global Services (CGS) is the global leader in securities identification. The financial services industry relies on CGS’ unrivaled experience in uniquely identifying instruments and entities to support efficient global capital markets. Its extensive focus on standardization over the past 50 plus years has helped CGS earn its reputation as the industry standard provider of reliable, timely reference data. CGS is also a founding member of the Association of National Numbering Agencies (ANNA) and co-operates ANNA’s hub of ISIN data, the ANNA Service Bureau. CGS is managed on behalf of the American Bankers Association (ABA) by FactSet Research Systems Inc., with a Board of Trustees that represents the voices of leading financial institutions. For more information, visit www.cusip.com.
About The American Bankers Association
The American Bankers Association is the voice of the nation’s $23.4 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $18.6 trillion in deposits and extend $12.3 trillion in loans.
For More Information:
John Roderick
J. Roderick Public Relations for CUSIP Global Services
john@jroderick.com
+1 (631) 584.2200
