11/10/1999

Planet Payment and Bank of Bermuda Form Strategic Alliance - Now to Offer Multi-Currency Payment Solutions to Banks and Internet Merchants Everywhere

November 10, 1999 (BERMUDA - New York): Bank of Bermuda and Planet Payment™ are pleased to announce their strategic alliance. For the first time, merchants that wish to accept credit cards online can obtain a multi-currency merchant account from Planet Payment. Planet Payment's payment gateway, powered by Authorize.Net, gives merchants a high quality, low-cost solution for accepting payment on the Internet. By adding Bank of Bermuda's state-of-the-art processing platform, Planet Payment will now enable banks everywhere to offer multi-currency processing services to businesses worldwide. The new gateway represents a major step by Planet Payment toward enabling merchants everywhere to accept credit cards online for real-time e-commerce.

Planet Payment's payment processing gateway will initially be able to process Internet credit card transactions through the Bank of Bermuda in U.S. dollars, Canadian dollars, Hong Kong dollars, Pounds Sterling, and Euros. It is expected that Japanese Yen will be available within the next few months. Additional currencies will soon be added.

"We have been working closely with Bank of Bermuda to develop innovative online payment solutions so that we are in position, ready to help e-businesses as they reach beyond domestic markets," says Philip Beck, Chief Executive Officer of Planet Payment. "Our partnership will provide tremendous benefits to these new global merchants."

"Bank of Bermuda is in a unique position to offer credit card processing through Planet Payment's global Internet payment gateway," said David Lema, vice president of Electronic Banking, Bank of Bermuda. "Electronic commerce has opened a whole new dimension of marketing to consumers and businesses over the past five years; multi-currency settlement goes one step further to provide complete flexibility and choice of payment on-line."

"In addition, our partnership arrangement with Planet Payment allows Internet merchants worldwide to process multi-currency transactions without the need to establish multiple banking relationships, as well as the benefits of settling card transactions in Bermuda, the world's premier offshore financial jurisdiction."


About Bank of Bermuda

Bank of Bermuda (www.bankofbermuda.com) is an international financial institution that provides banking, trust, asset management, fund administration and global custody services to its corporate, private and retail clients, as well as credit card transaction processing for e-commerce. Founded in 1889, its global headquarters are in Bermuda, and it has offices or subsidiaries in the Cayman Islands, Cook Islands, Dublin, Guernsey, Hong Kong, Isle of Man, Jersey, Luxembourg, New York, New Zealand, and Singapore. It has representative offices in Bahrain and London.

The Bank is a publicly traded corporation, listed on the Bermuda Stock Exchange. Bank of Bermuda has net assets of $9.9 billion (as of September 30, 1999) and $65 billion in assets under administration.


About Planet Payment


Planet Payment (www.planetpayment.com) provides e-businesses - anywhere - with the ability to accept credit cards online, in real-time, in almost any currency. To get up and running, e-businesses need a credit card merchant account and secure payment gateway. To maximize the global opportunity presented by e-commerce, merchants will need to accept payments in multiple currencies. Planet Payment's affordable solution enables Internet merchants to accept Visa®, MasterCard®, and American Express® and is compatible with most shopping cart technologies using its state-of-the-art payment gateway powered by Authorize.Net (www.authorize.net).




Contact:


Bank of Bermuda

David Lema
Vice President of Electronic Banking,
Phone +1 (441) 299-5231


Elizabeth Tee
+1 (441) 299-6157
Public Relations
TeeEK@bankofbermuda.com


Planet Payment:


Tom DeLuca,
Vice President, Business Development
+1 [212] 980-5100 x337 (New York)
tdeluca@planetpayment.com


Christine Szuszkiewicz
Director of Marketing
+1 [212] 980-5100 x314 (New York)
christine@planetpayment.com