today announce the launch of a debit card or "smart card'' technology.

The bank, together with MasterCard International, called a press conference for this morning, and said that they will announce details of a new service "that will change banking in Bermuda''.

MasterCard International have already announced a distinct move toward smart card technology.

Nearly two weeks ago, the firm's president and CEO, Mr. Eugene Lockhart, announced that smart card technology would be one of the core strategies for the future. The firm first endorsed smart card technology last year, as the payments platform for the future.

The payments franchise was scheduled this week to announce "a stored value application'' on existing credit and debit cards for later this year.

The launch is designed to determine smart card acceptance by traders and card users, before MasterCard invests an anticipated fortune in smart card technology.