FEDS will provide secure, online, real-time authorization and settlement for all credit card transactions conducted on the Web sites of e-merchants having accounts with Bank of Bermuda in the Cayman Islands. When the Visa or MasterCard system recognizes the transaction as based in the Cayman Islands, it permits settlement on the island allowing the e-merchant to take advantage of the benefits of government stability, privacy of information, protection from currency fluctuations, security and tax-neutral status.
By utilizing the FEDS processing solution, Bank of Bermuda (Cayman) will be able to offer e-payment processing services to their merchants with limited time to market, allowing both the bank and their merchants to quickly reap the benefits of e-commerce. Through this solution, the bank will also benefit from a stateless payment gateway that provides additional security for online transactions since cardholder information is not stored on the gateway.
Mark Whiteside, Product Manager, Electronic Banking, Bank of Bermuda (Cayman) Limited said, "Our e-commerce services have been well-received by our clients who wish to domicile their businesses in Bermuda, and we're delighted to be launching this service in the Cayman Islands with First Ecommerce Data Services. We believe there is a great potential for e-commerce business on the island and are please to be working with FEDS to provide our merchants with a much needed e-commerce solution."
"The FEDS solution will provide Bank of Bermuda (Cayman) with a more complete e-commerce package for handling e-payment transactions," said David Lema, President of First Ecommerce Data Services. "The addition of real-time, online settlement will be a great advantage to the e-commerce merchants that domicile their e-business with Bank of Bermuda in the Cayman Islands. The fact that these merchants will be enabled to perform multi-currency settlement in a tax-neutral jurisdiction will be a benefit not only to the merchant, but also to the bank who will gain a competitive edge."
Bank of Bermuda
Bank of Bermuda is an international financial institution that provides banking, trust, asset management, fund administration, global custody services, as well as credit card transaction processing for e-commerce, to its corporate, private and retail clients.
Bank of Bermuda is a pioneer in offshore electronic commerce, having been in the e-commerce business since 1995. In addition, Bank of Bermuda has over 25 years experience in the bank card industry, a global network and an excellent IT infrastructure. It has been working closely with the Bank Card Associations in developing guidelines to facilitate onshore e-commerce transactions via the Internet. Bank of Bermuda was one of the first offshore institutions to launch, in November 1999, a multi-currency settlement capability. Merchants and banks that use Bank of Bermuda for their on-line credit card processing have the option to settle their transactions - with a supplier or client - in a choice of eight different currencies.
Founded in 1889, its global headquarters are in Bermuda, and it has offices or subsidiaries in the Cayman Islands, Cook Islands, Dublin, Guernsey, Hong Kong, Isle of Man, Jersey, London, Luxembourg, New York, New Zealand, and Singapore. It has a representative office in Bahrain.
The Bank is listed on the Bermuda Stock Exchange. Bank of Bermuda has net assets of $10.4 billion (unaudited as at 30 June 2000) and in excess of $80 billion in assets under administration.
Further information on Bank of Bermuda is located on the Internet at www.bankofbermuda.com
Further information on Bank of Bermuda (Cayman) Ltd's e-commerce services can be found on the Internet at www.bankofbermuda.com. Merchants interested in credit card payment processing through Bank of Bermuda (Cayman) Ltd. may also contact Mark Whiteside via e-mail at whitesmp@bankofbermuda.com or via telephone on +345 949-5153.
About First Ecom
As a global provider of electronic payment processing, First Ecom provides secure, easy-to-implement and low-cost online payment processing services to banks and their merchants worldwide. Through strategic partnerships with banks, ISPs, e-commerce product suppliers, system integrators and storefront solution providers, First Ecom will process credit card transactions made over the Internet in multiple currencies, either domestically or offshore in a tax-neutral jurisdiction.
For more information, visit www.firstecom.com
About First Ecommerce Data Services Limited (FEDS)
A joint venture between First Ecom.com Inc. and the Bank of Bermuda, FEDS is an independent third party processor. FEDS will work with any financial institution anywhere in the world to provide the institution and its merchants with a multi-currency, advanced electronic payment processing solution. The FEDS Processing Solution features online and batch transactions processing for credit and debit cards as well as authorization, electronic data transmission for settlement and full transaction reporting.
For more information, visit www.fedsinternational.com