Banking Circle, a global payments technology provider, has acquired Australian Settlements Limited (ASL) for an undisclosed amount. This corporate acquisition sees Banking Circle integrate a prominent Australian Authorised Deposit-taking Institution (ADI) and payments pioneer into its global operations. The transaction represents a strategic move to combine ASL's deep expertise and established infrastructure in the Australian market with Banking Circle's international payment capabilities.
Founded in 1993, ASL has a decorated history in the Australian payments landscape, offering market-leading B2B Payments-Platform-as-a-Service (PPaaS) solutions. As an ADI, ASL provides critical payment access, including NPP, PAYTO, DIRECT ENTRY, BPAY, Cards, Acquiring, PEXA, Austraclear, RTGS, and financial crime management. It operates an Exchange Settlement Account at the Reserve Bank of Australia and holds principal memberships with key Australian payment networks, serving start-ups, scale-ups, banks, building societies, fintechs, and large enterprises with its cost-effective and low-risk outsourcing model.
The acquisition is strategically significant for Banking Circle, enabling it to leverage ASL's regulatory licenses, established local presence, and comprehensive understanding of Australian payment systems. ASL's ability to provide direct access to the Australian payments world complements Banking Circle's global processing and real-time payment technology built for the digital economy. This combination facilitates an end-to-end global processing solution, specifically targeting Australian banks, fintechs, payment businesses, and marketplaces seeking broader international reach.
The unified entity is expected to deliver enhanced value by integrating ASL's respected position as a trusted Australian payments leader with Banking Circle's sophisticated global infrastructure. This synergy aims to provide Australian businesses with dynamic and globally connected payment choices, ensuring simpler, faster, and safer financial transactions. The acquisition is set to expand the scope and efficiency of payment services available to clients, empowering smart, sophisticated real-time payments with global reach for the combined customer base.