Isle of Man: E-Commerce
Banking and Payment Processing Facilities
There are currently 30 banks established on the Isle of Man, and although this figure has tended to decrease in recent years, the calibre and scale of banking operations has been showing marked improvement. The Royal Bank of Scotland International, the Royal Bank of Canada, Coutts (Northern European HQ) and Merrill Lynch have all moved to the Island and NatWest has ring-fenced its offshore business by moving to the Island. A number of banks offer Internet banking services from the Isle of Man, and it would be simple for an offshore e-commerce operation to source a full range of appropriate banking services on the island.
The Government has launched a fast-track approval process to grant global e-commerce banking licences. Several international banks with branches on the island offer global payment-processing solutions, and Manx Telecom offers an Island-based secure e-payment platform which can take multi-currency and Sterling-based transactions, enabling Island businesses to market their products globally.
In June, 2004, Neteller plc announced its move to the Isle of Man. The company said the move was undertaken for many reasons, including the island's robust telecommunications infrastructure and the commitment that the Isle of Man government is making towards eCommerce. Further to this was the Island’s financial and economic environment as well as its unique relationship with the UK (and Europe).
Neteller has developed an online payment solution that acts as an electronic wallet for consumers to purchase goods and services over the internet, while providing full service payment processing, fraud control and customer audit services over the internet for merchants.