First Ecom.com, a global provider of electronic payment processing, yesterday announced the Bank of Bermuda has made a $6.5 million strategic investment in it.

The Bank has purchased one million shares of First Ecom.com stock.

It completed the stock transaction November 26 and also holds warrants for an additional one million First Ecom.com shares.

"This investment demonstrates that both companies recognise the importance of working together to create a comprehensive, third-party processing solution for banks and their merchants all over the world,'' said Gregory Pek, the president and CEO of First Ecom.com.

Alan Richardson, executive vice president, retail clients for the Bank of Bermuda, said: "We've been working closely with First Ecom.com since earlier this year, and are very excited about what this investment will mean, not only for the two companies, but for the vast number of banks and their merchants that understand the clear advantage of outsourcing payment processing.

"Payment processing has always been the cornerstone of e-commerce and other types of credit card transactions, and we believe that First Ecom.com's payment processing solution will be regarded among the best.'' The bank provides banking, trust, asset management, fund administration and global custody services to its corporate, private and retail clients.

As a global provider of electronic payment processing, First Ecom.com provides secure, easy-to-implement and low-cost online payment processing services to merchants and banks worldwide.

Through strategic partnerships with Banks, ISPs, E-commerce system integrators and storefront so lution providers, First Ecom will process credit card transactions made over the Internet in multiple currencies, either domestically or offshore in a tax-neutral jurisdiction.

Alan Richardson: The executive vice president of Bank of Bermuda retail clients says First Ecom.com's payment processing is among the best.