To All:
From most recent press release out of Hong Kong
"This is by far our most significant venture to-date. Creating this new joint venture
demonstrates that both companies recognize 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, First Ecom.com President and CEO. "FEDS represents a
unique payment processing outsourcing opportunity for banks, in that they can work
freely with a non-bank, non-competing institution such as FEDS that offers
multi-currency payment processing services and can get banks up and running in a matter
of days."
Pek added that FEDS overcomes many of the common hurdles facing banks in providing
payment processing services to their merchants, including the extreme shortage of
qualified technical personnel to build the systems, attracting industry-savvy business
partners, increased operating costs for multinational corporations, and high costs
associated with system development, maintenance and ongoing R&D. FEDS also
addresses the risks associated with banks losing merchant business to competitor banks
that have effective payment processing systems because FEDS provides a turnkey
solution that can be quickly implemented with any banks existing systems.
"We've been working closely with First Ecom.com since earlier last year, and are very
excited about what our new FEDS joint venture will mean, not only for our two
companies, but for the vast number of banks and their merchants that understand the clear
advantage of outsourcing payment processing," said Alan Richardson, Executive Vice
President, Retail Clients for the Bank of Bermuda Ltd. "Payment processing has always
been the cornerstone of e-commerce and other types of credit card transactions, and we
believe that FEDS will be regarded among the best solutions."
Watch this stock rocket up to and through listing on NASDAQ.
Regards,
DAP |
