First Atlantic Commerce (FAC), a Bermuda-based e-commerce consulting company, has launched a new consulting service called SecureRisk.

Chief executive officer Andrea Wilson (shown here) said SecureRisk - which was designed by FAC for banking clients - is a comprehensive risk management solution that will enable banks to effectively attract and risk manage e-commerce business.

"SecureRisk leverages First Atlantic's e-commerce experience and resources to offer an end-to-end solution to banks interested in attracting and supporting e-business," Mrs. Wilson said.

"We developed this programme to assist our financial institution clients with implementation of a successful and competitive e-commerce service to attract new e-business to their organisation.

"It is critical for banks to introduce a well risk-managed e-commerce programme to enhance profitability and reduce potential liability."

Mrs. Wilson said banks can reduce their costs through e-business as it cuts down on administrative time, and streamlines the communication process to greater reliance on web-based and e-mail communication.

SecureRisk will guide banks step-by-step, from the initial strategic planning phase straight through to the implementation and sustaining of their e-business clients using best practices and risk management policies.

Mrs. Wilson said the new FAC SecureRisk solution addresses the four key business phases for banks: Strategic Planning, Needs Analysis, Project Planning and Implementation, and Risk Management, and provides central management of these components.

First Atlantic said it can also deliver scalable secure payment technologies and e-commerce business options such as multiple jurisdiction settlement.

FAC used Secure Risk in a pilot project with Provident Bank & Trust of Belize, which introduced their e-commerce acquiring services in October.

Ricardo Escalante, Director of Provident Bank and Trust stated: "We hand-picked First Atlantic Commerce to help us with our e-commerce solution because they have proven expertise and knowledge of banking and acquirer requirements in the Caribbean and Latin America region. In addition, First Atlantic Commerce also has first-class e-payment technologies, making it a one-stop e-commerce provider."

Provident Bank was reportedly the first financial institution in Belize to get on the e-business bandwagon.

Mrs. Wilson said FAC's core business is consulting services to acquiring banks for internet enablement, and secure payment solutions for online merchants.