Banks (or e-commerce providers and their banks) will be able to offer local customers merchant services in their own or another currency, with transactions coming to rest (in banking terms) in a bank anywhere in the world. For any company whose products and customers are international, this facility may be the final link that allows them to jump free of their existing base in a high-tax area. No doubt this is the Bank of Bermuda's calculation.

On the same day, Conquest Technology (www.sohotrend.com) announced its revamped site incorporating International Merchant Account gateway processing services through a partnership with, yes, First Ecom.com. Conquest serves the SOHO (Small Office/Home Office) sector who are in many respects natural customers for what 'offshore' has to offer.