BIN Sponsor definition

BIN Sponsor means the entity which initiates Debit Card settlement from the Distribution Account.

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BIN Sponsor means any member institution of MasterCard Inc. or Visa Inc. that serves as an acquiring bank for any Merchant of a Company Group member or that sponsors a Company Group member’s participation in either such Payment Network.

BIN Sponsor means any member institution of MasterCard Inc. or Visa Inc. that serves as an acquiring bank for any merchant or that sponsors a company’s participation in either such payment network. “Board of Directors” or “Board” means, with respect to any person, the board of directors, board of managers, supervisory board and executive board, managing member(s), managers or such other similar governing body or group, as applicable, established pursuant to the Governing Documents of such person. “Business Day” means any day other than a Saturday, Sunday or a day on which banking institutions in New York, New York are authorized or required by law to close. “Competing Transaction” means a sale of all or any significant part of the Bank or any of the equity of the Bank, whether by stock purchase, merger, reorganization, recapitalization, consolidation, or other business combination or any other means. “Consent” means any consent, approval, authorization, clearance, exemption, waiver or similar affirmation by any person pursuant to any Contract, Law, Order, or Permit or otherwise. “Contract” means, with respect to any person, any agreement, contract, indenture, undertaking, debt instrument, lease, license, consent, settlement, note, mortgage, understanding, arrangement, obligation or commitment to which such person or any of its Subsidiaries is a party or by which any of them may be bound or to which any of their assets or properties may be subject, whether or not in writing, but excluding any Benefit Plans.

Examples of BIN Sponsor in a sentence

To the Knowledge of the Company and after giving effect to applicable waivers, no Merchant is engaged in a business which is prohibited under the Payment Network rules or the underwriting guidelines of the Company Group, the applicable Material Processor or BIN Sponsor.
BIN Sponsor Moorwand Ltd - an Authorized Electronic Money Institution regulated by the Financial Conduct Authority (Reference No. 900709), with its office registered at: Birchin ▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ (Company No. 08491211).
To the Knowledge of the Company and after giving effect to applicable waivers, neither the Company Group nor any of its Material Referral Providers has marketed to, or contracted with, any merchant engaged in any business that is not permitted under the Payment Network rules, or the underwriting guidelines of the Company Group, its Material Processors, or its BIN Sponsor.
The Bank shall have used its reasonable best efforts to become a BIN Sponsor.
To the Company’s Knowledge, there is no material investigation, proceeding or disciplinary action, including fines currently pending, or to the Company’s Knowledge, threatened in writing against the Company or any Company Subsidiary by a Payment Network, any BIN Sponsor or any third-party payment processor that provides transaction processing services for the Company Group member, including “front-end” authorizations or “back-end” settlement processing (a “Processor”).
For purposes of the foregoing, “owns” means that the Company Group has sole and exclusive ability to assign or transfer the Merchant relationship contemplated by the Merchant Agreement from the existing BIN Sponsor to a new BIN Sponsor bank designated by the Company Group in accordance with the terms and conditions of the relevant Sponsorship Agreement and the Payment Network rules.
To the Company’s Knowledge, the Company Group has not received any notice that the consummation of the transactions contemplated hereunder will have a material adverse effect on the business relationship of the Company Group with any Key Merchant, Key Agent, Processor, BIN Sponsor or Material Referral Provider.
Subject to applicable limitations in Payment Network rules and any agreement with a BIN Sponsor, the Company Group owns, administers, and controls the wholesale Merchant Agreements and the relationship created thereby, and such control includes, without limitation, decisions regarding the continuance, amendment, assignment or termination of such Merchant Agreements.
Further, the Closing will not trigger any rights, including payment of increased residuals, termination of exclusivity, granting of exclusivity, buy/sell options, termination rights or other rights or remedies, under or in connection with any other arrangement with any ISO, Key Agent, Processor, BIN Sponsor, or Third-Party Referral Provider.

More Definitions of BIN Sponsor

BIN Sponsor means a company different from iPay, Principal Member of the Card Organizations, MasterCard, VISA, JCB and other, licensed to issue and acquire payment cards, prepaid cards, credit cards, NFC stickers, mobile POS, Internet acquiring and other payment services, which has a contract with iPay for BIN sponsorship and issuing and acquiring of payments cards and other payment instruments and payment services.