A leading Internet publication has singled out Bermuda as the new market for the payment of global electronic commerce transactions.

The article "Triangulating In on Bermuda'' is in the latest edition of Network Computing Magazine and singles out local e-commerce company First Atlantic Commerce as a leading light.

The magazine, which is an international publication with worldwide distribution and is on the net, also has an editorial on the services of First Atlantic Commerce.

The article sates: "Since the US dollar has become the currency of choice for global commerce - and many non-US merchant banks don't settle in dollars - a new market has emerged for payment gateways in Bermuda.

"For First Atlantic Commerce, it works this way. Visa International and MasterCard International require online merchants to have a corporate presence in the country where settlement takes place.'' It goes on to state that private legislation enacted in Bermuda for First Atlantic lets companies establish segregated accounts, effectively limited liability corporations, within Bermuda borders without the requirement of incorporation and without relinquishing their home jurisdiction.

"That means these merchants can settle in dollars; yet Bermuda does not charge corporate taxes on their profits or require collection of sales taxes.

It also means transactions aren't governed by US Treasury Department rules and custom 1024-bit strong encryption can be offered.'' The article goes on to state that First Atlantic links to 450 US banks through settlement services provided by First Data Corp.

It adds that this settlement is at the moment solely in US dollars, but the company expects to offer five other major currencies by year's end.

The magazine also singles out another payment gateway with a Bermuda presence -- Planet Payment, which is affiliated with Authorise.Net Corp. and The Elan Group.

A spokesperson for First Atlantic Commerce said: " These recent articles about First Atlantic Commerce are a testament to our product and service offerings. We have the confidence from the bigger players in the e-commerce marketplace and continue to drive the message that Bermuda-based service provider rank among the best in the world.''