SYDNEY, 13 JANUARY 2025 – Banking Circle S.A. (‘Banking Circle’), a Luxembourg licenced bank and a leading international provider of next-generation banking services, has announced today that it has entered into an agreement to acquire a 100% stake in Australian Settlements Limited (‘ASL’), subject to satisfaction of certain closing conditions including regulatory approvals. This acquisition marks a key step in Banking Circle’s goal of building a global hub for real-time clearing and settlement for all major currencies and accelerates its expansion into Australia.
Banking Circle is an award-winning modern payment bank that provides its clients with a suite of sophisticated payments and banking solutions through its network of direct and indirect access to global clearing infrastructures. ASL is a trusted provider of settlement and processing services to banks and payment companies in the Australian market.
The strategic combination brings together two highly complementary businesses that specialise in providing financial infrastructure to banks and payment businesses and is expected to take a leading position in the Australian payments market.
By leveraging ASL’s comprehensive local processing and clearing capabilities and Banking Circle’s global payments solutions, Banking Circle aims to establish a unique proposition in the Australian market. The combination of Banking Circle and ASL will enable Australian financial institutions to access global payment solutions and open up Australian dollar settlement services to global players, thereby making financial services in the Australian market more accessible, seamless, and cost effective.
Banking Circle currently operates in Australia through its regulated Australian Financial Services Licence (‘AFSL’) subsidiary, BC Payments Australia Pty Ltd, which provides local payment services via ASL. The proposed transaction will enable Banking Circle to accelerate its expansion into Australia and bring its full product suite to the market.
Laust Bertelsen, CEO of Banking Circle, commented: "Australia is a strategic market for Banking Circle due to its significant cross-border trade flows and thriving banking and fintech ecosystem. With this acquisition, we are reinforcing our commitment to providing seamless, cost-effective payment solutions to Australian financial institutions and our global clients. This milestone brings us closer to our vision of creating a global real-time clearing and settlement hub for all major currencies."
Mark Tibbles, CEO of ASL, added: "This partnership marks a transformative moment for ASL. By joining forces with Banking Circle, we will be able to significantly enhance our capabilities and provide even more value to our clients. Leveraging Banking Circle’s global infrastructure will help us expand our services and strengthen our position as a leading payment provider in Australia."
Mishal Ruparel, CCO of Banking Circle, commented: "ASL’s strong local clearing capabilities, combined with Banking Circle’s global payment infrastructure, create a compelling value proposition for financial institutions. Together, we can provide Australian and global clients with faster, more efficient, and more accessible payment services. This is a key growth opportunity for both organisations."
All material updates regarding this transaction will be communicated through the respective company websites.
Key Facts:
The 100% acquisition of ASL, a leading Australian authorised deposit-taking institution (‘ADI’), strengthens Banking Circle’s position as a global payments hub, providing faster, more accessible payment services to and from Australia
About us:
About Banking Circle S.A.
Banking Circle S.A. is a public limited liability company (Société Anonyme) and a credit institution (e.g., a bank) headquartered in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF) as its home regulator. Banking Circle S.A. has branches in Denmark, Sweden, Germany, and the UK, and subsidiaries in Liechtenstein, Singapore and Australia.
As a fully licenced bank, Banking Circle S.A. enables payments companies and banks of any scale to seize opportunities in the new economy - quickly, at low cost.
Banking Circle S.A. is a modern correspondent bank committed to building a local clearing network for all major currencies, to deliver fast, low-cost payments with no hidden fees for the beneficiary. 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.
Through bespoke, flexible, scalable and futureproof solutions Banking Circle S.A. is enabling financial institutions to help their customers transact across borders in innovative ways.
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).
Contact details:
Banking Circle
Gaya Ananda
ASL
Mark Tibbles
mtibbles@asl.com.au