Press Releases - Innovation
Press Releases - Partnerships
Update On Merger Discussions.
Sydney, Australia – November 15th, 2023 – Earlier this year, in May, we announced that we had agreed to explore a merger between ASL and Indue. Following an extensive process of due diligence that has now completed, the Boards of ASL and Indue have not been able to reach agreement to merge the two organisations and the process has now concluded.
About Australian Settlements Limited (ASL)
ASL is an Authorised Deposit Taking Institution (ADI) regulated by the Australian Prudential Regulation Authority (APRA) and a provider of B2B ‘Payments-Platform-and-Settlement as a Service’ (PPaaSS) solutions to banks, Fintechs and Corporates.
ASL offers direct connectivity and sponsorship to all domestic payment networks on behalf of its members and customers including Mutual Banks, Credit Unions and Corporates. ASL is a member of the Low Value Settlement Service and the Fast Settlement Service operated by the Reserve Bank of Australia (RBA) and holds an Exchange Settlement Account (ESA) with the Reserve Bank of Australia.
About Indue Limited
Australian owned and operated, Indue has over 50 years’ experience in the payment industry and provides payment solutions to mutual, regional and international banks, corporates, fintech and governments across Australia and New Zealand. Indue has 200 employees around Australia, with offices in Sydney and Brisbane. Indue is owned by 15 financial institutions, all of which have their heritage in the mutual banking sector.
Indue is an Authorised Deposit Taking Institution (ADI) regulated by the Australian Prudential Regulation Authority (APRA) and holds an Australian Financial Services Licence regulated by the Australian Securities and Investment Commission (ASIC). Indue enables gateway access to all domestic payment schemes as well as the international card schemes operated by Visa and Mastercard. Indue is a member of the Low Value Settlement Service and the Fast Settlement Service operated by the Reserve Bank of Australia (RBA)