Luxembourg’s Banking Circle finalises acquisition of ASL: Know more

Luxembourg-based Banking Circle, a technology-led payments bank, has completed its acquisition of Australian Settlements Limited (ASL), a licensed Authorised Deposit Taking Institution (ADI) in Australia. The agreement was signed in December 2024. 

The acquisition brings together ASL’s ADI licence and domestic banking, payments, and settlement operations with Banking Circle’s cross-border payments and infrastructure network. The combined entity will operate an end-to-end payments platform that serves financial institutions in Australia and other regions.

This development supports Banking Circle’s participation in the Australian financial system and expands its service capabilities in the region.

Laust Bertelsen, CEO of Banking Circle, says, “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.”

Aim of the acquisition

The acquisition of ASL brings several key benefits, notably enhancing real-time payments capability by allowing Australian domestic and global financial institutions to access all domestic payment schemes, including NPP, BECS, PayID, PayTo, and BPAY. 

It also unlocks cross-border capabilities for Australian financial institutions through Banking Circle’s multi-currency accounts, foreign exchange services, and global clearing network. The acquisition will deliver a next-generation payments infrastructure that is scalable, resilient, and future-ready, specifically designed for financial institutions in Australia. 

Additionally, ASL’s understanding of the Australian regulatory landscape ensures robust compliance, while Banking Circle contributes global expertise in risk and fraud management through “best-in-class” practices. 

With a combination of local presence and global connectivity, Banking Circle claims to further empower financial innovation by supporting the growth of Australia’s fintech and banking sectors through more agile, transparent, and cost-effective settlement services.

Mishal Ruparel, CCO of Banking Circle, says, “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. 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, adds, “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.”

Brief about ASL

ASL operates as a B2B Payments-Platform-as-a-Service (PPaaS) provider, offering direct connectivity to Australia’s payments clearing systems. Its platform integrates with legacy and digital payment rails to manage the movement of money. 

The firm supports transactions across systems, including the New Payments Platform (NPP), PayTo, Direct Entry, Card Schemes, Merchant Acquiring, RTGS, Austraclear, and PEXA. It serves banks, financial institutions, and businesses throughout Australia. 

ASL is an authorised deposit-taking institution (ADI), regulated by the Australian Prudential Regulation Authority (APRA), and settles directly with the Reserve Bank of Australia (RBA).

Banking Circle in Australia

Banking Circle is a fully licensed bank in Luxembourg. It is working to build a local clearing network for major currencies. The goal is to support payments companies and banks in processing low-cost payments. 

The bank offers multi-currency banking accounts, Virtual IBANs, and connections for local clearing and cross-border payments. These services are supported by compliance and security systems.

Banking Circle established its presence in Australia in 2023 through BC Payments Australia, which operates under an Australian Financial Services License. 

After launching in the market, BC Payments identified demand for its payment solutions and entered into an alliance with Australian Settlements Limited (ASL) to offer access to domestic payment services. The two companies are working together to integrate their capabilities and set up a single service point for clients in Australia.

Piers Cracknell, General Manager of BC Payments Australia, says, “With Australian banks and fintechs navigating a rapidly evolving payments landscape, the demand for resilient and scalable infrastructure continues to grow.”

“Banking Circle’s capabilities combined with ASL enable 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.”