Bermuda Financial Network

 
Bermuda Financial Network or BFN is a local Bermuda based company that was set up in the year 1996. It offers a range of financial services to local and overseas businesses as well as to individuals in Bermuda. The company started with check guarantee and check collection services in Bermuda which still remains as their principal business. They have now expanded their operations into many other areas of financial services. 
 
Over 200 businesses in Bermuda uses the check guarantee services of BFN. The company has tied up with banks in Bermuda (Bank of Bermuda and Butterfield Bank) to have their check programs available at the bank terminals. They have also deployed sophisticated check reader devices to verify authenticity of the checks. 
 
 
 
The check guarantee service protects the merchants from fraudulent checks. A small percentage (of up to 1.5%) of the check amount is charged as the service fee towards the check guarantee. Bermuda Financial Network authorizes over $50 million in such checks every year. 
 
The company is also the Payment Manager for American Express. Bermuda based merchants who accept Amex cards get paid through the automated system of BFN. Bermuda Financial Network also tracks and ensures collections from the Amex Card holders in the island. The company also provides the approval for American Express Green, Gold and Platinum Cards issued by Amex. 
 
Bermuda Financial Network runs a system called Easy Pay over both internet and telephone. Members availing this service can easily disburse or transfer payments to merchant or other payees accounts electronically. Once the payment instruction is received, the automated system ensures that the member's/customer's account gets debited and payments are credited to payees accounts in less than 10 minutes. There is no transaction fee. Only a monthly membership charge is levied from the member who is availing this service for making payments. 
 
Update: The company has recently added two branches, one at the eastern end in Kings Square, St. George, and the other at the western end on Somerset Road (Sandy's Parish). You will be able to cash your checks at all the branches of BFN at a discounted rate compared to the rates prevailing at the banks. 
 
Address and Contacts 
Bermuda Financial Network 
133 Front Street, Hamilton City 
P.O. Box HM 3114, Hamilton HM NX 
 
Phone: 441/292-1799 Fax: 441/295-5677 
 
Related Articles 
1) Check out Bermuda Banking and Financial Services for more information on the financial services available in Bermuda. 
 
 
 
 
 
 
 
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