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First Atlantic Commerce Completes Certification with MasterCard® SecureCode™ to Offer Enhanced MasterCard® Fraud Protection for Internet Merchants, Acquirers and Consumers

Simple, Secure and Smart, Payer Authentication solutions provide Acquirers and Merchants with online payment guarantee service and protection against chargebacks, fraud and a reduction in interchange and chargeback related fees

Hamilton, Bermuda February 24, 2004 -- First Atlantic Commerce Ltd today announced the completion of MPI functional certification with MasterCard® SecureCode™ a global e-commerce security solution for Internet retailers and member financial institutions to authenticate cardholders when they use their MasterCard and Maestro credit and debit cards to shop online.

“FAC is implementing a turn-key, fully hosted 3-D Secure™ MPI solution for acquiring banks and merchants enabling rapid implementation of MasterCard® SecureCode™ solutions to immediately reduce consumer card fraud,” states Andrea Wilson, CEO, First Atlantic Commerce Ltd. “FAC hosts the 3-D Secure™ software on behalf of both the merchant and the Acquirer, so there is no software to purchase, license, or certify, by either the merchant or the bank,” adds Andrea Wilson, CEO of First Atlantic Commerce Ltd.

MasterCard® SecureCode™ solutions are available to any merchant and Acquirer in any jurisdiction as long as the Acquirer has signed up with MasterCard® to offer 3-D Secure™ services. Merchant registration in MasterCard SecureCode™ is available to merchants regardless of their current chargeback history and the decision to enroll a merchant is made by the Acquiring bank.

“MasterCard SecureCode offers Acquirers and Internet retailers an affordable solution that not only simplifies the cardholder authentication process, but also provides peace of mind that online card payments are fully guaranteed,” said Steve Orfei, senior vice president and head of MasterCard International’s e-Commerce Center of Excellence “Guaranteed payments also allow Acquirers to further benefit from the costs savings associated with reduced chargebacks.”

Merchants can take immediate advantage of FAC’s MasterCard SecureCode™ solution once their acquiring bank has signed up with MasterCard® for SecureCode™ and designated FAC as their MPI software provider. Acquirer registration forms are available from First Atlantic Commerce or directly from MasterCard SecureCode™. Implementation and benefits associated with FAC’s hosted MasterCard SecureCode™ solution are immediate once the acquiring bank has enrolled their merchant(s) with MasterCard SecureCode™. “We’ve designed MasterCard SecureCode™ to be accessible to merchants quickly and conveniently and without any significant changes to their existing payment process,” states Andrea Wilson. More specific details on FAC’s 3-D Secure™ solutions can be found at FAC’s web site http://www.firstatlanticcommerce.com.