About Bermuda Financial Network
The Bermuda Financial Network Ltd. is a local Bermuda company incorporated in January 1996. One of the key objects of the company is to “facilitate banking transactions.”
The principal business of the company is check guarantee; check collection, American Express payments, Western Union Money Transfer and Electronic bill payments and ACH. There are over 200 businesses in Bermuda who use their services. The Bermuda Financial Network is currently the only check guarantee provider in Bermuda. It has partnered with both major banks to include its check programs on bank terminals combined with state-of-the-art check reader devices for efficient point of sale use. They presently authorize over $50,000,000 in checks per year.
In November of 1998, BFN became the Payment Manager for American Express Inc. (Amex) in Bermuda. Amex uses their automated technology to facilitate direct deposit payments to its merchants who accept the card in Bermuda and to take payments from Amex card members on the island. In all, they handle over $80 million per annum in merchant payments and over $50 million per annum in card member payments for Amex in Bermuda. Through a joint venture created in 2000, Caribbean Financial Network, SARL, in St Barthelemy, FWI processes over $30 million in Amex merchant payments per annum.
The company also runs telephone, fax, Internet, and automated electronic payments for local and overseas clients. These include payroll, bill payment, collection of fixed amounts, and funds transfer. Their Web based “e” product was launched in November 2000. They are able to credit any local or US bank account and through the MasterCard RPPS billing system; they can effect payments to over 2000 merchants and bank credit cards in the U.S. Plans include Canada, UK/Europe, Mexico and Japan for these “ACH” type payments. For any business that seeks to eliminate all of its payables and payroll checks, Easypay is the ONLY product in Bermuda that can provide that service. https://www.easypay.bm/easypay
In May of 2008, BFN was granted a Money Service Business License from the Bermuda Monetary Authority in conjunction with the launch of its Western Union agency business. It has developed it’s own software, as a supplement to the Western Union software, that can do repeat transfers in 1-2 minutes per transaction, thus saving valuable labor costs. In addition the software has sophisticated reporting and suspicious transactions reports. It collects and houses pictures of all its customers and imports the transaction files every day from the WU system.
The principals and staff (eight full time and three part time) have over 60 years of bank and credit card administration experience between them. The staff’s bank experience has been in cash control and handling, reconciliation, research and correction of problems, credit cards, teller/vault, loans, collections and foreign exchange. The two BFN principles received Corporate Recognition Awards while employed at the Bank of Bermuda. In addition, they were exposed to the Quality Process System. BFN brings a wealth of systems and process flow experience to any financial application.
Due to Bermuda’s small market size the companies chance to grow lies in its ability to expand internationally with its software products.
The company’s office is located on the Fourth Floor, British American Building, 133 Front Street, Hamilton, HM 12 Bermuda.
The principle contact names are Dalzell C Tucker, Alvin T Wilson or Tiffany A Smith.