PayGen International Signs Groundbreaking Contract with First Atlantic Commerce

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PayGen International enters a new era expanding its payment processing capabilities and bank relationships across Europe and the Latin American-Caribbean Region.

In an exciting move to expand its portfolio, PayGen International (PGI) today announces its newest strategic alliance, signing an important contract with Bermuda-based First Atlantic Commerce Ltd. (FAC), a leading eCommerce payment solutions provider.

Under the terms of the alliance, PGI will now be able to provide additional multi-currency merchant accounts and sophisticated eCommerce payment processing and pin based alternative payment solutions in Europe and the Latin American Caribbean Region (LACR), in conjunction with FAC.

For the past 8 years, FAC has successfully been provisioning sophisticated multi-currency, multi-jurisdictional solutions for eCommerce merchants in various industries including VoIP, pre-paid cards, online pharmacies, herbal supplement providers, travel companies, retail, electronics, car rentals, electronic cash and alternative payment solutions.

Since its inception, over 4 years ago, PGI has become one of the most diverse payment processing solutions providers in the developing world. With offices in Asia, Canada, Central America, the Middle East, the United Kingdom, and the USA, PGI has focused on bringing eCommerce payment solutions to banks and merchants seeking state-of-the-art payment processing services to compete with the rest of the world for card-not-present business.

"There is obvious synergy between FAC and PGI with both companies bringing to the table contacts, capabilities and many years of payments industry expertise, that when combined, greatly strengthens and expands our collective value-proposition to the major players in a number of markets,” says FAC’s CEO, Andrea Wilson.

“PGI is able to leverage various components of FAC’s leading payment gateway and risk management technology, to complement its own payment processing platform. At the same time, we can assist each other to enter new countries and markets.

“PGI has an impressive reach in the developing world, and FAC is well-respected for its abilities to provision tailored multi-layer solutions to support the most aggressive merchant expansion plans,” Andrea says.

One of the most significant aspects of this new alliance is that it gives PGI the ability to provide our merchants with important services and technologies through PGI, which in actual fact are ultimately provided by FAC. An important example of this is the Visa 3-D and Master Card Secure Code functionalities. This deeper level of security is the wave of the future, and allows merchants to be better protected from online fraud, etc. When this is more fully implemented in the financial community worldwide, it’s expected that many additional merchants will be comfortable offering their products and services online.

This sets PGI up to be recognized by the outside world as being a true world class company, with the ability to offer Visa 3-D and Master Card Secure Code solutions, while PGI does so without incurring the major developmental, operational and staffing expenses involved.

David Lema, Executive Director of Skymark Financial, the parent company of PGI, says, “I have worked extensively with the FAC team at various points over the years and the core values and long-term goals of our respective organizations are very much aligned. FAC has an impressive track record in the international, offshore payment processing space and I have been impressed with the company’s growth and overall strategic positioning.

“This alliance is of significant value to PGI due to FAC’s state of the art technology, and the team’s well-established contacts in the market space,” says David. “We are very encouraged about the mutual benefits of working together with FAC and are already gaining traction across new industries and processing opportunities as a direct result of this new alignment.”

Editors Notes:

About PayGen International Ltd.

PayGen (PGI) is an advanced payment processing company, focused on the developing markets. The company offers a variety of payment processing models to diverse merchant segments. PGI’s market focus encompasses mid-tier merchants, through to large-scale multinationals. With offices in 7 strategically located jurisdictions, the company is uniquely positioned to offer payment solutions at both the international and local levels.

About First Atlantic Commerce Ltd.

Headquartered in Bermuda, and established in 1998 to create secure card-based payment solutions for e-businesses, First Atlantic Commerce (FAC) provides powerful technology designed to work with most merchant platforms, including Microsoft®, UNIX, and LINUX platforms. FAC’s cGate® technology offers service, flexibility and security to adapt to many business and bank acquirer requirements. Business solutions such as 3-D Secure™ Payer Authentication, Virtual Corporations and offshore multi-currency payment solutions are available in various offshore jurisdictions.

For further information please contact:

David Lema

Executive Director

Skymark Financial

Tel: + 1 506 838 2709

Andrea Wilson

CEO

First Atlantic Commerce Ltd

Tel: + 1 441 294 4620

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