Issuing Services FAQs
BIN stands for Bank Identification Number and refers to the initial set of four to six numbers that appear on a payment card. This set of numbers identifies the institution that issues the card and is key in the process of matching transactions to the issuer of the charge card.
BIN Sponsorship is a quick shortcut for many companies looking to build a scalable card product and get their proposition to market. BIN Sponsorship allows firms to process payments through an intermediary direct scheme member. Head to our Issuing Services page to find out more about BIN Sponsorship, or alternatively get in touch with our team via our contact us page to see if BIN Sponsorship would help your business
As the regulated entity, we are responsible for all programmes and products operated by our clients. Moorwand has full oversight and right to approve each proposition, monitors all offering and has access to all third party systems. Moorwand is responsible to ensure programmes are compliant with scheme rules; to perform settlement in a timely manner, and that customer funds are held in segregated accounts. Moorwand is responsible to ensure the business, clients and their programmes meet regulatory compliance. Regulatory compliance supersedes scheme rules.
BIN sponsorship provides direct access to scheme membership via an intermediary like Moorwand. BIN Sponsorship enables a card programme to operate as a Mastercard card or wallet programme, without this, a fintech would need to get access directly with the scheme (which can be costly and take more time). BIN Sponsors work with the other partners in the ecosystem (processors, card manufacturers, KYC providers etc) to ensure the programme is adhering efficiently and to regulatory standards.
If a business wishes to be appropriately licensed as a financial institution in a particular country of region, then it can be possible to become a Licensee (also known as a “Principal Member”) directly of the Card Schemes (in particular, MasterCard and Union Pay).
Digital Banking FAQs
Digital Banking provides you with a single compliant connection to a variety of payment solutions, including Faster Payments, BACs, Direct Debits and SEPA Transfers. Whether you are a savvy payment solution provider that simply wants an API to plug into the Moorwand solutions or if you just want a ready made digital banking solution to plug and play, Moorwand has the solution for you.
SEPA (or the Single Euro Payments Area) is the new format for cross-border euro (EUR) bank transfers. SEPA aims to make cross-border EUR transfers within this area equivalent to a domestic transfer within your own country. SEPA is made up of the Eurozone, countries within the EU and a few other countries which also support EUR bank transfers.
General FAQs
Moorwand is a London based financial services provider offering digital banking and issuing services. Head over to our Solutions page to read more information about each area.
We work with: 1) Regulated Electronic Money Institutions/Authorised Payment Institutions requiring scheme membership. 2) Businesses needing scheme membership & ability to offer e-money/payment services.
The Financial Conduct Authority (FCA) is the conduct regulator for 59,000 financial services firms and financial markets in the UK and the prudential supervisor for 49,000 firms, setting specific standards for 19,000 firms.
Moorwand works with a number of partners across the whole industry. We are agnostic to the partners you choose to select; however, if you would like an introduction to our partners then we'd be more than happy to connect you.
For more information on the position we take about Brexit, please get in touch directly and we'd be more than happy to explain.
Moorwand is an authorised Electronic Money Institution (EMI), regulated by the Financial Conduct Authority (FCA) in the UK, it is authorised to provide payment services and issue electronic money (e-money), subject to the Payment Services Regulations 2017 and the Electronic Money Regulations 2011.
The e-money balance on your accounts is held by Moorwand at a bank. While this may sound similar to what a bank does when funds are received into a current account, Moorwand is not a bank and there are key differences you should be aware of:
i) we do not take your money as a deposit to use for our own purposes, or lend to other customers; and
ii) your e-money is not covered by the Financial Services Compensation Scheme (FSCS).
To ensure your money is safe, we hold your funds in segregated accounts, meaning it is separate from Moorwand's funds. It is also 'safeguarded', meaning there are assurances from the bank that in the unlikely event Moorwand was to go out of business the money is protected for the use of Moorwand customers and could not be used to offset any debt Moorwand may owe.
Safeguarding is a regulatory requirement for all EMIs designed to protect customers from the risk of losing funds. Funds are reconciled at least daily and we have to have an independent expert validate that we are meeting our obligations each year.
In the event of Moorwand becoming insolvent, an insolvency practitioner would be appointed to return the funds we have safeguarded to customers. This means you would get most of your money back, except for the costs deducted by the insolvency practitioner for distributing the money to our customers. In addition, due to the insolvency process, it could take longer for money to be returned to you than if the account was held by a bank.
More information about using a non-bank payment service provider and the protections they offer can be found on the FCA’s website at https://www.fca.org.uk/consumers/using-payment-service-providers
Apple Pay FAQ
Apple Pay is a simple, secure, and private way to pay using your iPhone, Apple Watch, iPad, or Mac. You can make purchases in stores, online, and in apps without using your physical card.
Eligible cards issued by [Issuer Name] can be added to Apple Pay. To check if your card is supported, please refer to our eligibility criteria or contact customer support.
Open the Wallet app on your Apple device, tap the "+" icon, and follow the instructions to add your card. You may be asked to complete a verification step before your card can be used.
Apple Pay is available on compatible iPhone, Apple Watch, iPad, and Mac devices running supported versions of Apple's operating system.
You can use Apple Pay wherever contactless payments are accepted, as well as in participating apps and websites.
Yes. Apple Pay uses advanced security technology to help protect your payment information. Your full card number is not stored on your device or shared with merchants when you make a purchase.
When your card is added to Apple Pay, a unique Device Account Number is created and securely stored on your device. Payments are processed using this digital token rather than your actual card number.
Yes. Purchases made using Apple Pay are treated the same as purchases made with your physical card and remain eligible for applicable rewards, benefits, and protections.
No. We do not charge any additional fees for adding or using your eligible card with Apple Pay.
You can use Apple's Find My service to locate, lock, or erase your device remotely. You may also contact us to suspend or remove your card from Apple Pay.
Yes. You can remove your card at any time through the Wallet app on your device or via your Apple Account settings.
There may be several reasons why your card cannot be added to Apple Pay, including: