admin answers:

Offshore merchant account providers need not be partnered with a bank but rest assured there is a bank in the deal somewhere. A merchant account provider in offshore jurisdictions is generally going to be tied somehow to a bank. The merchant account company will handle the day to day business functions and you would probably never have any contact with the bank. For more information on offshore merchant accounts go here:
http://www.panamalaw.org/offshore_merchant_account.html