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bank identification number for credit cards The new BIN standard is coming in April of 2022. (Source: Shutterstock)

Big changes in bank identification numbers (BINs) are coming to the payments world, and one industry pro is warning credit unions to take action now if they want to avoid unexpected costs and payment problems.

The warning revolves around changes currently scheduled to take place in April of 2022, when card networks including Visa and Mastercard plan to implement a new industry standard lengthening BINs from six digits to eight digits. (Mastercard’s website said issuers and processors are not mandated to move to eight-digit BINs but that it “is strongly recommended.”)

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Tina Orem

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