Banking Circle acquires ASL to expand into Australia

By Vriti Gothi

Banking Circle, a technology-first payments bank for financial institutions, has acquired Australian Settlements Limited (ASL), a licensed Authorised Deposit-Taking Institution (ADI), to reshape Australia’s payments infrastructure with a digitally native, real-time, and borderless banking experience.

The agreement, originally signed in December 2024, received the necessary regulatory approvals and closed at a time when the Australian payments ecosystem is undergoing rapid digital transformation. By integrating ASL’s deep-rooted domestic expertise with Banking Circle’s advanced cross-border infrastructure, the combined platform will provide comprehensive, end-to-end payment solutions for local and global financial institutions operating within and outside Australia.

The acquisition empowers Banking Circle to deliver a unified payments platform that bridges domestic and international financial systems. Leveraging ASL’s ADI licence and local market knowledge, Banking Circle will offer regulated access to Australia’s key domestic clearing schemes—including NPP, BECS, PayID, PayTo, and BPAY while seamlessly integrating with its existing multi-currency accounts, global FX services, and real-time cross-border clearing capabilities.

The enhanced platform delivers a unified, API-driven payments infrastructure that offers immediate access to Australia’s domestic payment schemes and global currency corridors. Purpose-built for scale, compliance, and performance, it combines ASL’s regulatory expertise with Banking Circle’s international risk and fraud management standards to ensure robust governance. By integrating local capabilities with global reach, the platform empowers banks, FinTechs, and payment providers in Australia to scale faster with agile, cost-effective, and secure payment solutions.

ASL brings to the partnership a rich legacy of serving Australia’s mutual banks, credit unions, and emerging digital banks. This established base is set to benefit from Banking Circle’s high-speed infrastructure and embedded banking model.

Banking Circle’s Australian journey began in 2023 through BC Payments Australia, which operates under an Australian Financial Services License. A strategic partnership with ASL soon followed to meet growing local demand for integrated payment solutions. With the acquisition now finalised, both teams are aligning operations to create a single, client-centric entry point to the Australian financial system.

This acquisition reflects Banking Circle’s broader strategic vision: to reduce friction in global finance, connect financial institutions with real-time payments networks, and deliver regulated, transparent, and cost-efficient banking solutions that are built for the digital economy.

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

Mark Tibbles, CEO of ASL, said, “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.”