hassle-free internet payment processing By Henry Adderley Chief Reporter A joint venture has been formed which will provide local and international merchants with e-commerce payment solutions.

Promisant Ltd. has been created by the Bank of NT Butterfield & Son Ltd. and Bermuda-based e-commerce payment provider Coral Capital Ltd.

Coral Capital's president and chief operating officer Peter Durhager announced yesterday: "Promisant was created to take advantage of the huge opportunity that exists, both locally and internationally, in the e-commerce payment processing industry.'' The two companies formed the relationship to provide a seamless process for companies wishing to establish an offshore presence to facilitate electronic transactions via the Internet.

The bank will be providing merchant accounts for business clients to receive online payments that are processed through Promisant's integrated payment solution.

Bank of Butterfield president and CEO Calum Johnston said: "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 were tight lipped yesterday about the actual business solution in advance of further specific announcements on alliances and services.

Said Mr. Durhager: "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.'' Mr. Durhager teamed up with Juan Prado to form Coral Capital last year and then purchased the first internationally certified payment gateway to First Data Corporation, the world's largest third party ayment processor.

Venture into the future: Coral Capital's president and chief operating officer Peter Durhager (left) and Bank of Butterfield president and CEO Calum Johnston unveil Promisant Limited yesterday.