In a move to expand its portfolio, PayGen International (PGI) has signed a contract with e-commerce payment solutions provider First Atlantic Commerce Limited.

Under the terms of the joint venture, PGI will now be able to provide additional multi-currency merchant accounts and sophisticated e-commerce payment processing and pin-based alternative payment solutions in Europe and the Latin American/Caribbean Region in conjunction with FAC.

For the past eight years, FAC has successfully been providing sophisticated multi-currency, multi-jurisdictional solutions for e-commerce merchants in various industries.

These industries include VoIP, pre-paid cards, online pharmacies, herbal supplement providers, travel companies, retail, electronics, car rentals, electronic cash and alternative payment solutions.

With offices in Asia, Canada, Central America, the Middle East, the United Kingdom, and the US, PGI has focused on bringing e-commerce payment solutions to banks and merchants seeking state-of-the-art payment processing services.

?There is obvious synergy between FAC and PGI with both companies bringing to the table contacts, capabilities and many years of payments industry expertise,? FAC CEO Andrea Wilson said.

?This greatly strengthens and expands our collective value proposition to the major players in a number of markets.

?PGI is able to leverage various components of FAC?s leading payment gateway and risk management technology to complement its own payment processing platform. At the same time, we can assist each other to enter new countries and markets.

?PGI has an impressive reach in the developing world, and FAC is well respected for its abilities to provision tailored, multi-layer solutions to support the most aggressive merchant expansion plans. David Lema, executive director of Skymark Financial, the parent company of PGI, said: ?I have worked extensively with the FAC team at various points over the years.

?The core values and long term goals of our respective organisations are very much aligned.

?FAC has an impressive track record in the international, offshore payment processing space and I have been impressed with the company?s growth and overall strategic positioning.?

Mr. Lema said the alliance is of significant value to PGI due to FAC?s state-of-the-art technology and the team?s well established contacts in the market space.

?We are very encouraged about the mutual benefits of working together with FAC and are already gaining traction across new industries and processing opportunities as a direct result of this new partnership.?