Banking Circle’s BC Payments Enters Australian Market to Empower Fintechs and Banks

In a strategic move that signals its commitment to fostering financial innovation, BC Payments, the licensed subsidiary of the Banking Circle Group, a cutting-edge payments business, has announced its official launch in Australia. This initiative aims to extend tailored payment solutions to Australian fintech firms, payment enterprises, and banking institutions, writes Tom Bleach for The Fintech Times.

At the forefront of BC Payments’ mission is to assist local fintech companies in overcoming the obstacles hindering their expansion into international markets. The primary challenge lies in the current risk-averse environment in business-to-business (B2B) payments, particularly concerning local incumbents. Many high-potential, compliant fintech startups find themselves caught in the crossfire, lacking suitable partners for clearing, settlement, and cross-border transactions.

Banking Circle SA, the parent company of BC Payments, has already established its presence by serving more than 250 global financial entities and handling over 10 percent of Europe’s business-to-consumer (B2C) e-commerce transactions.

Leading the Australian arm of BC Payments is Piers Cracknell, who previously held the position of director of strategic initiatives at National Australia Bank (NAB), boasting over two decades of experience in the payments sector.

One of BC Payments’ distinctive advantages is its freedom from the rigid legacy systems common among established financial players. This flexibility enables BC Payments to focus on innovating new solutions tailored to the specific needs of local fintech firms. By streamlining the cost and speed of international payments, Australian fintech enterprises should gain improved capabilities to expand their market presence and customer offerings in a more efficient and cost-effective manner.

Piers Cracknell, the General Manager of BC Payments Australia, expressed his enthusiasm for addressing the challenges faced by Australian fintechs, stating, «Having observed firsthand the frustrations of Australian fintechs grappling with limited global payment options, I am thrilled to contribute to the solution. BC Payments’ offerings will leverage the scale and infrastructure of the broader Banking Circle Group, which is already catering to the requirements of some of the world’s largest payment entities and banks.»

Cracknell further highlighted BC Payments’ potential benefits for local banks and marketplaces: «For Australia’s banks, we can alleviate the burden of correspondent banking fees and introduce additional payment rail alternatives to facilitate international transactions for their customers. Marketplaces can also leverage our capabilities for international collections and payments on behalf of local merchants.»

Mishal Ruparel, Chief Revenue Officer of Banking Circle, emphasized the firm’s technology-driven approach and its positive impact on global payment infrastructure. Ruparel also praised Cracknell’s appointment, asserting, «His experience and extensive network, combined with our international track record, will prove invaluable in enabling Australian enterprises to harness the advantages of our payment expertise.»

BC Payments’ entry into the Australian market marks a significant step towards fostering financial inclusivity and facilitating the growth of the local fintech ecosystem. With its tech-forward approach and the support of its parent company, BC Payments is poised to catalyze advancements in international payment solutions, benefitting Australian businesses on their journey to global expansion.