"Australian Settlements Limited, a key player in the Australian payments sector, has been acquired by Banking Circle, signifying a significant move to modernise and upgrade payment solutions within the country."
Banking Circle Acquires Australian Settlements Limited, Revolutionizing the Australian Payments Industry
In a significant move for the Australian payments industry, Banking Circle S.A. has acquired Australian Settlements Limited (ASL), a licensed Authorised Deposit Taking Institution in Australia. This acquisition combines ASL's domestic banking, payments, and settlement expertise with Banking Circle's cross-border payment technology and global infrastructure [1][2][3].
Mishal Ruparel, Chief Commercial Officer of Banking Circle, noted the strong demand from Australian financial institutions and companies for Banking Circle's payment services. Laust Bertelsen, CEO of Banking Circle, stated that the acquisition establishes an expanded presence for Banking Circle in Australia, one of their most strategically important markets [1].
The integration creates an end-to-end, unified payments platform that serves both Australian and international financial institutions. This platform enables faster, cheaper, and more secure real-time payment solutions domestically and globally [1][2][3].
Key impacts of the acquisition include:
- Expanded Access to Domestic Payment Schemes: Australian banks and fintechs now gain regulated and seamless access to major Australian payment schemes such as NPP, BECS, PayID, PayTo, and BPAY through the combined platform [1][3].
- Enhanced Cross-Border Capabilities: Banking Circle’s multi-currency accounts, foreign exchange services, and global clearing network, integrated with ASL’s local license, enable Australian financial institutions and companies to scale internationally with improved cross-border payment efficiency [1][3].
- Technological Innovation and Real-Time Payments: The acquisition supports the digitization and modernization of Australia’s payment infrastructure by providing a digitally native, API-driven payments system focusing on real-time, borderless transactions with high performance, scalability, and compliance [2][3].
- Competitive and Cost-Effective Solutions: The combined entity empowers banks, fintechs, and payment providers to offer more agile, secure, and cost-efficient payment options, potentially increasing competition and innovation in the Australian payments market [2][3].
- Strategic Market Commitment: Banking Circle strengthens its presence in Australia, seen as a strategically important market, leveraging ASL’s trusted local reputation to accelerate adoption of advanced payments technology [2].
Mark Tibbles, CEO of ASL, expressed excitement about joining Banking Circle to scale operations and deliver a leading proposition to Australian banks, payment providers, fintechs, and corporates. The acquisition delivers scalable, resilient, and future-ready payments infrastructure tailored for Australian financial institutions.
With local presence and global connectivity, Banking Circle will support the growth of Australia's fintech and banking sectors by offering more agile, transparent, and cost-effective settlement services. The teams of BC Payments Australia and ASL are now working closely to integrate all capabilities, creating a unified and streamlined service point in Australia for all clients.
[1] Banking Circle [2] ASL [3] The Payments Association
- The acquisition of Australian Settlements Limited by Banking Circle will enhance cross-border payments capabilities for Australian financial institutions, leveraging Banking Circle's technology and global infrastructure.
- The integration of Banking Circle's technology with ASL's domestic banking expertise will create a unified payments platform, ensuring compliance while offering faster, cheaper, and more secure real-time payment solutions for both domestic and global transactions.
