BIN Transfer Sample Clauses
A BIN Transfer clause governs the process by which a Bank Identification Number (BIN) is transferred from one party to another, typically in the context of payment processing or card issuing agreements. This clause outlines the conditions, procedures, and responsibilities involved in transferring control or ownership of a BIN, such as notification requirements, regulatory compliance, and technical steps for updating systems. Its core practical function is to ensure a smooth and compliant transition of BINs, minimizing operational disruptions and maintaining the integrity of payment processing systems.
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BIN Transfer. Prior to the transfer of the Services to Customer or its designee upon the expiration of the Term of this Agreement, Customer shall inform Visa and/or MasterCard and/or any other applicable Network in writing (with a copy to Metavante) (1) of the transfer of its Bank Identification Number (BIN) or Interbank Card Association Number, or other identifying number (as applicable) to the new processor, and (2) of the new ACH account number for billing purposes.
BIN Transfer. Prior to the transfer of the Services to Bank or the Bank Designee upon the expiration of the Term of this Agreement, Bank shall inform the applicable Networks in writing (with a copy to Servicer) of the transfer of its Bank Identification Number (BIN) to the new processor.