Banking Circle Increases Cross-Border BC Payments to Australia

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Banking Circle’s BC Payments subsidiary has launched in Australia. The deployment, which was announced on Monday (August 28), is aimed to give global payments solutions to Australian FinTechs, banks, and payment organizations.

“Having witnessed first-hand the frustration of Australian FinTechs losing access to global payment solutions, I’m excited to now be a part of the solution,” said Piers Cracknell, BC Payments’ newly hired head of Australia, in a news release.

“BC Payments’ offering will be delivered using the scale and infrastructure of the larger Banking Circle Group, which is already meeting the needs of some of the world’s largest payments businesses and banks,” added Cracknell.

According to the announcement, BC Payments will aid Australian FinTechs in their global development. Their biggest hurdle is the de-risking of local incumbents in the B2B payments market.

“High-growth, compliant FinTechs have been caught in the crossfire, unable to find a clearing, settlement, and cross-border payments partner,” the news release states.

According to the company, local FinTechs will be able to expand their geographic reach and customer offerings by cutting the cost and speed of non-domestic payments.

The launch comes at a time when small and medium-sized businesses (SMBs) feel overlooked by traditional financial institutions when it comes to cross-border payments and international expansion.