Banking Circle Taps into Australia with the Launch of BC Payments

BC Payments, the licensed subsidiary of EQT-backed innovative tech-led payments business, Banking Circle Group, has launched in Australia. It will provide Australian FinTechs, payments businesses and banks with global payment solutions, facilitating both onshore and offshore growth.

BC Payments has appointed Piers Cracknell as Head of Australia. He joins from his previous role as Director, Strategic Initiatives at National Australia Bank (NAB), bringing over 20 years of payments experience.

BC Payments will help local FinTechs facing barriers to non-domestic growth. At the centre of these barriers is the current de-risking in the B2B payments space by local incumbents. High-growth, compliant FinTechs have been caught in the crossfire, unable to find a clearing, settlement and cross-border payments partner.

Free from the inflexible legacy systems of incumbents, BC Payments will focus on innovation; building new, market-leading solutions that meet the needs of local FinTechs. By reducing the cost and increasing the speed of non-domestic payments, Australian FinTechs will be able to extend their geographic reach and customer propositions efficiently and cost-effectively.

Piers Cracknell, Head of Australia at BC Payments comments, "Having witnessed first-hand the frustration of Australian FinTechs losing access to global payment solutions, I'm excited to now be part of the solution. BC Payments' offering will be delivered utilising the scale and infrastructure of the broader Banking Circle Group, which is already meeting the needs of some of the world's largest payments businesses and banks.

Mishal Ruparel, Chief Revenue Officer of Banking Circle added, "Led by our tech-first approach, Banking Circle is driving the evolution of global payments infrastructure, which goes to the heart of financial inclusion. We believe this is a great fit for the growing Australian FinTech space. We're excited that Piers will be heading BC Payments. His experience and strong network, coupled with our international track record, will be invaluable in helping Australian firms harness the benefits of our payment capabilities."

(Source: CISION)