Bermuda Commercial Bank has launched an online fund administration service, the bank revealed yesterday.

In its year-end report, the bank said that it had upgraded its Internet banking system so that it could deal with the tasks needed by the "e-Fund" service it had started for fund administration clients.

The bank said that this service provides fund managers and shareholders online access to all relevant transactions together with all relevant net asset information.

The new online functions will allow a dual and tiered authorisation of financial transactions which mirrors electronically the paper-based signatory requirements of a corporate entity.

The new updates have also implemented its e-Invest product, which allows clients to make online subscriptions and redemptions from BCB's offerings of Barclays Global Investors' AAA rated money funds in dollars, sterling, and euros, as well as global equity index and fixed income funds, the bank said.

Timothy Ulrich, the bank's president and chief operating officer said: "BCB's philosophy of working closely with clients to determine product needs has resulted in offering a new share class in the e-Invest platform that allows for same day liquidity in a US dollar money fund."

The bank said that in the upcoming year, enhancements will be added to eFund which will allow fund managers greater reporting capabilities and access to further information and the Internet banking system will be further upgraded to meet client needs.

John Deuss, the bank's chairman and chief executive officer, said that BCB's strategy continues to emphasise full automation, digital delivery of services, and a liquid balance sheet.

A low, almost no-risk, fee income driven profile will be maintained, he added, saying the bank will continue to provide personal, flexible service, as both the bank and the e-banking platform are continually upgraded to "offer an increasingly enhanced products and services to the bank's expanding client base".