CUSIP Global Services (CGS) has 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.
CUSIP Global Services operates in securities identification, with many companies utilising its experience in uniquely identifying instruments and entities to support efficient global capital markets.
CGS will manage all day-to-day administrative responsibilities associated with the IIN standard
Karin Flynn, Chief Financial Officer, ABA, said: “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. 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.
Scott Preiss, Senior Vice President and Global Head, CUSIP Global Services, added: “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. We are honoured that ABA has entrusted us with this critical role and we look forward to many years of seamless, efficient operation of the IIN standard.”
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