Bank of Bermuda has gone on-line for e-commerce merchants after signing a deal with a software provider, it was revealed yesterday.

The bank has signed an agreement with Oasis Technology Ltd to provide the software for the bank's global e-commerce gateway.

The move will allow the Bank of Bermuda to process millions of transactions for merchants around the world who use the bank as a clearing system.

The multi-currency system of payment was announced last month, but now the finer details of the system have been released.

The new clearing system will allow people who do not have credit cards to pay with debit cards (such as ATM and Switch) for buying goods and services on the net.

Now as part of the alliance, Bank of Bermuda has gone live with the payment system.

Included are Oasis Technology's IST /Switch e-payment software, IST /Card for online authorisation and IST /Interchange for online transaction clearing and settlement.

Bank of Bermuda, an international financial institution, with assets of $9.9 billion, is anticipating millions of multi-currency e-commerce transactions from international businesses directing payments from their merchant websites to their Bank of Bermuda accounts.