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Requirements for financial institutions

Last updated: 13th January 2022

Due to requirements implemented by Visa and Mastercard Europe, any business categorized as a financial institution (MCC 6012) must provide additional information when processing any Europe domestic transactions through their account.

The scope for these changes varies slightly between Visa and Mastercard:

  • Visa: applies to all merchants categorized as MCC 6012 on all domestic payments in Europe
  • Mastercard: applies only to merchants categorized as MCC 6012 for domestic UK card payments being used to pay off a credit or prepaid card.

For Mastercard payments or payments involving a full card number, merchants categorized as a financial institution must be fully PCI compliant (SAQ D PCI).


What is a financial institution?

The term financial institution encapsulates businesses that, for example, issue payday loans, handle mortgage repayments, or facilitate the paying off of credit card balances. These are businesses that fall under the Merchant Category Code 6012.

If your business falls into this area, you will be required to submit additional information with all your transactions.


What do I need to do?

If your company is a financial institution, you must provide information about the primary recipient of the funds. Additional fields needed for financial institutions:

The primary recipient's...

  • Date of birth
  • Account number
  • Postcode
  • Surname

Example request

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"recipient": {
"dob": "1991-12-30",
"account_number": "8573498821",
"zip": "W1T",
"last_name": "Smith"
}

Body parameters

Field nameDescriptionExampleLength

account_number

required
string
  • Visa: If the payment is being made with a VISA card, then provide the first six digits and the last four digits of the primary recipient’s card, without any spaces. Or, the first 10 digits of the primary recipient’s account number.
  • Mastercard: If the payment is being made with a Mastercard card, then provide the primary recipient's full card number or the first 10 digits of the primary recipient's account number.

If recipient is an organisation, then provide a company account number.

8573498821

  • Visa: 10
  • Mastercard: Full

dob

required
string

The date of birth of the primary recipient in the following format: yyyy-mm-dd.

If the recipient is an organisation, then provide a valid date of incorporation.

1991-12-30

8

zip

required
string

The first part of the postcode. For example, W1T 4TJ would be W1T.

W1T

6

last_name

required
string

The primary recipient’s surname.

If the recipient is an organisation, then provide the company name. Only alphabetic characters are allowed.

Smith

6