How payments modernisation can help the UK retain its fintech crown
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Banking Circle ASL acquisition marks a transformative step in Australia's payments ecosystem. 0 The combination of Banking Circle's cross-border infrastructure with ASL's domestic ADI capabilities delivers real-time payment innovation and financial accessibility. A significant milestone in the evolution of payments in Australia, this strategic acquisition unites ASL's established ADI licence and deep domestic banking, payments and settlement experience with Banking Circle's world-class cross-border payments and infrastructure capabilities. The newly integrated entity forms a powerful, end-to-end payments platform serving the needs of Australian and global financial institutions, cementing Banking Circle's commitment to advancing the Australian financial ecosystem through the development and delivery of faster, more efficient, and more accessible real-time payment solutions. 'Bringing ASL into our global platform establishes an expanded presence for Banking Circle in Australia, one of our most strategically important markets,' said Laust Bertelsen, CEO of Banking Circle. '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.' Key Benefits of the Acquisition: Enhanced Real-Time Payments Capability: The acquisition of ASL will enable Australian domestic and global financial institutions to access all domestic payment schemes including NPP, BECS, PayID, PayTo, and BPAY, while unlocking cross-border capabilities for the Australian financial institutions through Banking Circle's multi-currency accounts, FX services, and global clearing network. Next-Generation Payments Infrastructure: The acquisition of ASL will deliver scalable, resilient, and future-ready payments infrastructure tailored for financial institutions in Australia. Expanded Regulatory and Compliance Coverage: ASL's deep understanding of the Australian regulatory landscape ensures robust compliance, while Banking Circle's global experience introduces best-in-class risk and fraud management practices. Empowering Financial Innovation: 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. 'We're seeing strong demand from both Australian financial institutions looking to partner with a specialist payments bank to process their domestic and global payments; as well as Australian companies looking to scale globally for a payments bank overseas,' said Mishal Ruparel, CCO of Banking Circle. 'This strategic combination means our clients will gain access to all domestic Australian payment schemes as well as the global currencies Banking Circle offers.' Mark Tibbles, CEO of ASL, added '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.' Banking Circle established its Australian presence in 2023, operating through BC Payments Australia, which holds an Australian Financial Services License. Following its launch in Australia, BC Payments quickly realised the demand for its payment solutions and formed an alliance with ASL to provide access to local payment services. The teams are now working closely to integrate all capabilities, creating a unified and streamlined service point in Australia for all clients. 'With Australian banks and fintechs navigating a rapidly evolving payments landscape, the demand for resilient and scalable infrastructure continues to grow,' said Piers Cracknell, General Manager of BC Payments Australia. 'Banking Circle's capabilities combined with ASL enables us to offer an unparalleled payments proposition with direct access to the Australian Dollar and all domestic clearing and settlement schemes, through one API. It is compelling for banks, fintechs and payment businesses, enabling clients to focus on growing their core businesses.' Through the Banking Circle ASL acquisition, the unified platform accelerates financial innovation and real-time settlement for Australian and global institutions.
