Banking Circle Completes Acquisition of Australian Settlements Limited to Revolutionise Payments in Australia
SYDNEY, 4th August 2025 — Banking Circle S.A. (Banking Circle), the next-generation technology-led payments bank, has completed the acquisition of Australian Settlements Limited (ASL), which is a licenced as an Authorised Deposit Taking Institution in Australia (ADI). The agreement to acquire ASL was signed in December 2024, subject to certain closing conditions including regulatory approvals.
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.”
About Banking Circle S.A.
Banking Circle S.A. is fully licensed as a bank in Luxembourg and is committed to building a local clearing network for all major currencies, to deliver fast, low-cost payments, enabling payments companies and banks of any scale to seize opportunities in the new economy. It provides a suite of unique and award-winning banking solutions, including multi-currency banking accounts and Virtual IBANs, bank connections for local clearing and cross-border payments, all underpinned by market-leading compliance and security.
Learn more https://www.bankingcircle.com/
About ASL
ASL is a B2B ‘Payments-Platform-as a Service’ (PPaaS) solutions pioneer providing simple, market leading direct connectivity to the Australian payments clearing systems. ASL’s solutions integrate with all legacy and digital payment rails to streamline and secure the movement of money. Covering New Payments Platform (NPP), PayTo, Direct Entry, Card Schemes, Merchant Acquiring, RTGS, Austraclear, PEXA and other financial transactions – ASL supports banks, other financial institutions, and a range of businesses across Australia. ASL is an authorised deposit-taking institution (ADI) under the supervision and regulation of the Australian Prudential Regulation Authority (APRA) and settles directly with the Reserve Bank of Australia (RBA).
Lear more https://www.asl.com.au/
