Banking Circle has closed the previously announced acquisition of Australian Settlements (ASL), a licensed Authorised Deposit Taking Institution (ADI) in Australia.
Through the deal, Banking Circle seeks to enhance payment services in Australia by leveraging its cross-border infrastructure and ASL’s local expertise.
The financial terms of the deal were not disclosed.
Banking Circle, headquartered in Luxembourg and fully licensed as a bank, aims to establish a comprehensive clearing network for major currencies. This development will facilitate swift and cost-efficient payments, empowering financial entities of varying sizes to capitalise on emerging economic opportunities.
The firm offers banking solutions such as multi-currency bank accounts and virtual international bank account numbers (IBANs), alongside secure bank connectivity for local and international transactions.
ASL, which is engaged in providing payments-platform-as-a-service (PPaaS) solutions, provides direct connectivity to Australian payment systems. Its services encompass various payment methods, including the New Payments Platform (NPP), PayTo, and Direct Entry.
The company operates under the regulation of the Australian Prudential Regulation Authority (APRA) and conducts settlements with the Reserve Bank of Australia (RBA).
The integration of Banking Circle’s global payments framework with ASL’s domestic licence and operational experience is expected to create an advanced payments platform. This is expected to benefit both Australian and international financial institutions by offering real-time payment solutions with enhanced efficiency, said Banking Circle.
ASL CEO Mark Tibbles said: “We are thrilled to join Banking Circle and scale our operations to deliver a leading proposition to Australian banks, payment providers, fintechs and corporates looking for full domestic capability with true global reach.
“Together, we bring end to end knowledge and expertise to support all aspects of our clients’ payment needs. ASL has a deep history of supporting Australia’s mutual banks, credit unions and emerging digital banks and we’re excited to grow further in these segments.”
Post-acquisition, the combined entity will provide Australian institutions access to domestic payment schemes like NPP and PayID while facilitating cross-border transactions through Banking Circle’s multi-currency accounts and foreign exchange services. This merger aims to introduce scalable, resilient payments infrastructure in Australia, enriched by robust compliance standards stemming from ASL’s regulatory insights.
Banking Circle commenced operations in Australia in 2023 through BC Payments Australia. After recognising strong demand for its services, it partnered with ASL to extend local payment capabilities. The integration process is underway to offer unified services to clients across Australia.
Banking Circle CEO Laust Bertelsen said: “Bringing ASL into our global platform establishes an expanded presence for Banking Circle in Australia, one of our most strategically important markets.
“ASL has been a trusted partner to local financial institutions for decades. Together, we will empower banks, fintechs, and payment providers in Australia to offer faster, cheaper, and more secure payment solutions – at home and abroad.”
