Bank of Butterfield will be providing merchant accounts for business clients to receive on-line payments that are processed through Promisant's integrated payment solution.
"Promisant was created to take advantage of the huge opportunity that exists, both locally and internationally, in the e-commerce payment processing industry," stated Coral's President and COO, Peter Durhager. The two companies formed this relationship to provide a seamless process for companies wishing to establish an offshore presence to facilitate electronic transactions via the Internet.
Calum Johnston, President and CEO of Bank of Butterfield declared, "This is another fine example of how Bank of Butterfield continues to be in the forefront, providing our customers with a product that is well founded, and which delivers an innovative e-commerce solution on an international scale. Bank of Butterfield to date has been very quietly developing its strategy to ensure that future service offerings are both competitive and relevant in the digital economy."
Both companies are tight lipped about the actual business solution in advance of further specific announcements on alliances and specific services. Mr. Durhager said, "There has been a tremendous amount of hype about Bermuda's e-commerce opportunity, but very little action has been taken thus far. For the most part this has been largely due to vast amounts of conflicting information that has caused confusion for e-businesses looking to set-up in Bermuda. Promisant will change that by making the process hassle-free and cost effective, the way the Internet is supposed to be."
Juan Prado and Peter Durhager formed Coral Capital last year before purchasing the first internationally certified payment gateway to First Data Corporation, the world's largest third party payment processor. The Coral Capital Ltd. Electronic Commerce Act of 1999 was passed by Parliament before rising in August.