Bermuda-based electronic payment company Promisant has formed two strategic alliances that could have significant business impact for the firm.

On Monday Promisant, which was formed in 1999, announced that multinational manufacturer of silicone-based products, Dow Corning, had signed on as a client of its multi-currency payment processing capability in alliance with Express Merchant Processing Solutions (EMPS).

Following the announcement Promisant management indicated it would "aggressively" move on introducing the electronic payment platform to other companies.

And last week accounting and professional services giant Ernst & Young announced it had formed a "strategic alliance" with Promisant.

This for a company that just over a year ago had to drastically trim its workforce, with the cutting of 24 jobs - including the jobs of 11 Bermuda staff.

At the time, Promisant CEO Juan Prado said the redundancies were in line with the firm moving away from a traditional direct sales force towards industry-specific partnerships around the globe. The company also indicated the staff cuts were "a strategic move in response to (then) market conditions."

Promisant's alliance with EMPS reportedly enables multi-national companies to electronically transact with a global customer base by accepting payment cards in any currency worldwide.

Randy Barkley of Dow Corning said: "As Dow Corning moved more volume to card-based payments, we needed a global solution. EMPS and First Data, by teaming with Promisant, have delivered a comprehensive international service that builds upon our domestic payment processing.

"This saves Dow Corning time and money and gives our customers another payment method option."

Mr. Prado said: "Dow Corning is a great example of the Promisant and EMPS international solution at work.

"The combined strengths of our respective organisations have come together well to deliver a global solution that makes sense for the client. The market reception has so encouraged us that we're now moving forward aggressively in expanding the program's availability," Mr. Prado said.

Meanwhile, Promisant's alliance with Ernst & Young (E&Y) will reportedly help its global clients more easily understand and manage the financial, tax and regulatory complexities of selling to unknown customers in unfamiliar locations.

James Tobin, director of Ernst & Young's international tax services practice said: "The ability to be global and act local is the holy grail of managing a successful and profitable global enterprise.

"But you can't get there if you don't have trust and confidence in the integrity of your international transactions and a detailed understanding of the tax complexities involved in multi-jurisdictional transactions. We believe that our alliance with Promisant can provide our mutual clients with access to the type of robust solutions that global electronic business demands."