First Atlantic Commerce Launches Secure European eCommerce Payment Solutions

Multi-Currency Payment and 3-D Secure(TM) Payer Authentication Solutions Facilitate Merchant Expansion to the EU

HAMILTON, BERMUDA -- 12/09/2004 -- Bermuda-based First Atlantic Commerce (FAC) today announced the roll out of eCommerce payment solutions in Europe, leveraging the unique and well-established banking and corporate environment of Cyprus.

The launch follows the successful certification of FAC’s CISP-compliant cGate®SecureVerify with Visa Europe and FAC’s 3-D Secure™ Payer Authentication service for Verified by Visa and MasterCard® SecureCode™.

Based on the Card Associations’ 3-D Secure™ technology, cGate®SecureVerify provides eCommerce merchants with protection from fraudulent transactions, chargebacks and unauthorized payments made online.

The new solution, which is available to all companies either existing in Europe, or looking to expand in the region, encompasses direct clearing services for US Dollars, EUROs, Pounds Sterling, Cyprus Pounds and Swiss francs. Settlement is to a choice of leading financial institutions in Cyprus.

FAC’s European processing solution is ideal for North American businesses looking to launch their products or services in the region, according to Andrea Wilson, CEO of FAC. "Companies can leverage corporate tax structures and secure payment processing with reputable banking partners to achieve their overall commercial objectives.

“FAC is well positioned to provide meaningful multi-currency processing to clients in the region with the added benefits of Verified by Visa and MasterCard SecureCode at reasonable prices,” says Andrea.

Cyprus, the third largest Island in the Mediterranean, became a member of the European Union, (EU), on May 1, 2004. It is one of the lowest taxation jurisdictions within the region and is an ideal place for establishing truly international businesses.

In addition, Cyprus has a large number of premiere banking institutions, which means companies are able to leverage leading-edge financial services in an efficient and friendly multi-lingual environment.

According to Nicholas Larcos, Director of The Bonalbo Group, a corporate service provider with offices in Cyprus, London and Rome, establishing a presence on-Island is both speedy and cost-effective. “Cyprus has a strong range of existing double tax treaties, which are beneficial to help reduce, or in some cases, eliminate income tax in relation to interest, dividends, royalties and certain other forms of income,” he said. “We are very pleased to have the chance to work alongside FAC as the leading offshore eCommerce payment processing company to provide an all-in service.”

In addition to launching its European solution, FAC has modified its Merchant Referral Program (MRP) and is now assisting Independent Sales Organizations (ISOs), and other referral companies, to grow their portfolios by introducing all-new businesses to the European solution. These same organizations are now well positioned to advise and guide existing merchants looking to expand in the region.

“The opportunity for today’s global merchants to leverage the benefits of an all-encompassing eCommerce payment solution is here with the launch of FAC’s European solution,” said Andrea. “Through FAC, companies are able to fully incorporate in the EU, leverage secure multi-currency payment solutions, chargeback liability shift and open direct merchant accounts with reputable Cyprus-based banks.”

For more information on FAC’s payment and risk management solutions, visit www.firstatlanticcommerce.com

Contact Information

Andrea Wilson

Chief Executive Officer

First Atlantic Commerce

Contact via E-mail