and ISP Facilities
and ISP Facilities
of the main telecoms providers in Bermuda have
opened e-commerce support centres which provide
International opened its centre in December,
1999. The TBI centre is staffed 24 on 7, and
provides secure website hosting services for
companies wanting to conduct e-commerce from
Bermuda; Cable & Wireless shortly afterwards
opened its sixth world-wide 'platform' offering
web-hosting, e-commerce and other Internet services
in Devonshire, Bermuda - the other five centres
are in London, Washington, Bahrein, Sydney and
April 2001 Cable & Wireless Bermuda launched
a service called SoHoConnect, through which
users can connect to the Internet quickly and
relatively cheaply. C&W described SoHoConnect
as a 'dial-up Internet service designed to provide
small, medium and home-based businesses with
a fast, reliable and cost effective way of connecting
to the Internet, 24 hours a day.'
are a number of other, local companies offering
various levels of ISP or hosting facilities.
In June 2001, the Bermuda Telecommunications
Minister announced a new regime for Internet
telephony and broad-band services which seemed
to favour the local firms: the two major telecoms
companies would be restricted to offering Internet
services to business (previously they were restricted
to offering their services internationally),
while the local firms would have access to long-distance
networks to offer various types of Internet
service, probably including VOIP (Voice Over
April 2001, Internet service provider Logic
Communications cut rates on all levels of its
dial-up access; internet service in Bermuda
was at that time among the most expensive in
the world, and many had called for rates to
come down. A leading proponent was the then-Telecommunications
Minister Renee Webb, who applauded the move
by Logic and announced in a statement: "I
am pleased to see that this Bermudian company
is taking the initiative to provide the local
market with quality service and good value at
2002 saw the launch of a sixth main Internet
Service Provider in Bermuda, when Fort Knox
Bermuda introduced FKBnet.
other general ISPs are Bermuda Computer Services'
Transact, North Rock and Logic.
the press conference to announce the FKBnet
service, Ms Webb suggested that the market for
ISPs was saturated, a claim which observers
suggested absurd given the lack of price competition.
Internet users in the country were estimated
at 39,000 (2005).
Atlantic Commerce (FAC), a Bermuda-based payment
solutions provider, was established in 1998
to create secure card-based payment solutions
company provides powerful technology designed
to work with most merchant platforms, including
Microsoft®, UNIX, and LINUX. FAC’s
processing platform -- a feature-rich payment
system called cGate® -- offers service,
flexibility and security to adapt to many business
and bank acquirer requirements.
for merchants with medium to high capacity transaction
processing, cGate® is a high-speed and secure,
platform-independent Internet payment gateway.
FAC provides a variety of processing methods
including real-time, batch and MOTO. All methods
can process sales, authorizations only, captures
and refund or reversal transaction types.
Business solutions such as 3-D Secure™
Payer Authentication (Verified by VISA and MasterCard
SecureCode™) for chargeback liability
shift, Virtual Corporations and multi-currency,
multi-jurisdictional, payment solutions are
offers international payment solutions in many
jurisdictions across the Latin American Caribbean
Region, Europe and Pan Asian Region.
positioned to provide MasterCard® and Visa
credit card processing across a wide-range of
industries ranging from legal online pharmacies
to VoIP companies, leading retailers, stored
value card providers and travel-related businesses,
all FAC solutions are for direct merchant accounts
only with various partner banks around the world.
February, 2002, Bermuda introduced new Government
regulations on how companies issue digital certificates
for online transactions. Bermudian Telecommunications
Minister Renee Webb said they: “represent
a significant step forward in the development
of e-business in Bermuda. They demonstrate to
business internationally that we are a serious
jurisdiction for sophisticated e-business”.
Certification Service Providers (Relevant Criteria
and Security Guidelines) Regulations 2002 follow
the Electronic Transactions Act (ETA) 1999,
and deal with the formation of electronic contracts
and the validity of digital signatures. The
voluntary CSP scheme allows certificate authorities
to apply for Government recognition under the
Vadis, a Bermuda-based digital certificate provider
company, was the first company to seek CSP approval.
Stephen Davidson, vice-president of marketing
for Quo Vadis said: “While the ETA recognises
that electronic signatures are legally binding,
users may have to prove that the signature is
valid unless it was created using an “accredited
digital certificate”. Signatures from
accredited certificates are automatically accepted
as valid and binding.”
Davidson added: “Quo Vadis is excited
to be the first CSP to be accredited by the
Bermuda Government. We view this as an important
step in the development of e-government and
the legally binding use of electronic transactions,”
Webb said: “With the increasing important
role that certificates are playing in e-business
it is clearly vital that the businesses which
issue certificates are competent, honest and
technically up to the mark. It is for that reason
I decided a scheme to assess their competence
was required. The criteria used have been developed
with businesses on the Island, but they also
have been drawn up to be compatible with those
used in other International schemes in both
North America and Europe. I firmly believe this
will be the first offshore CSP scheme to become
recognised by the European Union.”
Telecommunications Ministry makes a charge of
$10,000 per application for a CSP approval,
in order to cover the costs of expert investigation
of each applicant.
April 2004, QuoVadis announced that it had been
accepted into Microsoft's Root Certificate Program.
This means that the firm's public root key will
be distributed to all users of Microsoft's Windows
operating system, allowing them to utilise digital
certificates provided by QuoVadis for encryption,
electronic signatures, and access control.
the reasoning behind the move, Microsoft's general
manager in the West Indies and Bermuda, Rick
Marcet observed that: "New regulations
imposing cyber liability for executives, as
well as growing demands for data protection,
are driving wide adoption of digital certificates
and other forms of security."
Bermuda Monetary Authority supervises the three
Bermudian banks, one of which is owned by HSBC,
and which operate a joint clearing system. The
three Bermudian banks have expanded throughout
the world and have subsidiaries in the major
financial centres. They offer a full range of
early decision of the Bermuda Government to
exclude foreign banks may have owed more to
self-interest than to fear of money-laundering
or the OECD, but it turns out to have been very
successful, leading not only to Bermuda's high
reputation but to the establishment of strong,
local banks, something that has eluded almost
all other IOFCs.
number of financial advisory and securities
firms with foreign involvement have been established
in Bermuda, some in connection with the Stock
Exchange. There has also been considerable growth
in securities trading, much of it based on the
Internet, and at least one Internet bank has
been launched from Bermuda.
June, 2002, the Bank of Bermuda announced an
enhancement of EasyLink Online, Bermuda’s
only real-time online banking service, just
over four months after its launch.