Bin sponsorship for issuing project

For companies seeking to expand their product offering and overcome challenges and costs of compliance, certification and implementation of card products, LatCard proposes OPEN LOOP MasterCard prepaid card BIN SPONSORSHIP program.

Open loop cards are the ideal for:

• Travel/currency exchange programs
• E-wallet programs (p2p, e-money, redemption)
• Payroll & Benefits
• Business expenses
• Insurance

A BIN sponsor is a bank or financial institution (like LatCard ), that is a member of relevant payment network (f.e. MasterCard) with right to issue cards, that provides to other commercial entity wishing to issue cards the Bank Identification Number that allows that other entity (usually called program manager) to connect to the major card brand network.

In the process of providing the BIN and making the connection to the networks, the BIN-sponsoring institution takes on a significant set of roles:

• Risk manager
• Regulatory compliance manager
• Network rules compliance manager, and clearing and settlement agent with program partners for all activities across the prepaid value chain associated with each program they are going to be responsible for

Business benefits

• Open new business segment
• Propose customer convenient product
• Form a new consumer relationships
• Improve profitability
• Gain marketing advantages with MasterCard

Invest only in distribution – LatCard AS will manage the rest.

You would have full access to all your data, so you will be able to see what happening any time.

With advanced reporting and data access you will:

• Learn more about your customers
• Analyze and react to data trends in real-time
• Maximize program revenues
• Enhance customer’s experience