Bank of Butterfield and Coral Capital Offer New E-Commerce Payment Solution

Tax-news.com

17 February 2000

Bermuda's oldest financial institution, The Bank of Butterfield and local e-commerce payment provider Coral Capital have announced that they will team up to offer e-commerce payment solutions for local and international merchants through a new company called Promisant.
The new venture will allow companies wishing to establish an offshore presence to process electronic transactions via the Internet, with Bank of Butterfield providing merchant accounts for businesses to receive on-line payments 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," Coral’s President and COO, Peter Durhager siad.

According to Calum Johnston, President and CEO of Bank of Butterfield, "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."

Coral Capital was formed last year and has established 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 the Bermuda Parliament in August last year.

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