On Jul. 5, LAO CB reminded banks to update payment card numbers.
LAO CB reminded banks issuing payment cards not affiliated with international network must update card numbers to comply with bank identification number (BIN) standards.
Follows LAO CB Sep. 16 informed payment providers to apply for code, see #119493.
Document dated Jul. 5, 2024, received from LAO CB Jul. 9, summarized Jul. 12.
New Standards
Banks must obtain authorization from the Payment Systems Department (PSD) for using new BINs; coordination with PSD is required to avoid duplicate BIN usage.
Must transition from ATM-only cards to debit cards as per updated regulations; ATM-only cards can still be used, advertised, but must be reported to PSD as debit cards.
Effectiveness
All existing cards must transition to the new BIN standards by Jan. 1, 2025.
Regulators
LAO CB
Entity Types
Bank
Reference
Nt 645/KCC, 7/5/2024; Rpl Nt 763/KLS, 9/16/2021, 814/KLS, 10/5/2021
