The FinTech Report Podcast: Episode 39: Mark Tibbles, CEO of Australian Settlements Limited (ASL)

The FinTech Report Podcast: Episode 39: Mark Tibbles, CEO of Australian Settlements Limited (ASL)

In The FinTech Report Podcast: Episode 39, Glen Frost interviews Mark Tibbles, CEO of Australian Settlements Limited (ASL).

You can listen to the podcast here:

In this interview, they discuss:

Mark’s background: Mark is a Payments guy having spent most of the last 25 years in the payments sector, including stints at CBA, NAB, Westpac, Clydesdale & Yorkshire Bank, Verifone and Wirecard.

Since 2019 Mark has been leading the ASL Team in the shift from aggregator to a next generation Payments Platform service provider. 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.

About ASL: ASL’s goal is to provide platform access to the domestic rails – connect simply and almost self-serve in a complicated world. ASL partner with organisations that are leaders in their field – FIS for NPP connectivity, Shaype for our Platform and API led services, ISW for the latest Fraud and transaction monitoring capability. In the near future ASL will add leading Card Management and Switching services along with Digital Identity and a single pane of glass view of our services.

ASL are Payment tech led and Customer focused. ASL connects banks, fintech’s, Corporates and a range of other businesses to the Payments world.

  • ASL was originally formed by the Building Societies in NSW, VIC and QLD as a cooperative
  • ASL were the first non-Bank to be granted an Exchange Settlement Account (ESA)
  • ASL is now one of 12 Direct connectors to COIN and the NPP along with the big 4 – ANZ, Commonwealth, Westpac and NAB.
  • ASL processes 100m+ transactions annually and in excess of $650m per day

ASL offer access to all the Domestic network requirements like:

  • New Payments Platform (NPP)
  • Direct Entry
  • Cards – Visa and eftpos with the ability to settle Mastercard
  • BPay
  • Financial Crime/Fraud Services
  • RTGS
  • Plus some of the lesser known and specialist services like Australclear and PEXA.

What are their biggest pain points you solve for?

  • A partner that helps navigate the industry nuances
  • Accessing all services from a single partner
  • Getting access quickly
  • Partnering with someone who will invest and progress quickly to what’s next
  • Compliance, compliance, compliance – this thing that sucks the life out of future innovation
  • Fair pricing

ASL achievements:

  • Since ASL went live with the NPP in early 2018, have overcome the growing pains of shifting from aggregator to processor and operating 24x7x365.
  • launched our real-time transaction monitoring solution in April.
  • will launch our PayTo solution in mid-July.
  • On 31 July cut across to our new Digital Payments solution that supports Direct Entry and NPP through the same gate.
  • have upgraded our technology to support a digital first approach and support the resilience our customers expect.
  • ran the APRA rule across our technology and Security and received a tick of approval.
  • solution is now ready to connect further capability to support our customers innovation and evolution needs, simply and quickly.

What is ASL’s vision?

“Our goal now is to make our platform sing,” says Mark.

ASL will do this by:

  • Adding further services that we need like Card Management
  • Enabling new and emerging services like Digital Identity and 3rd Party Payment initiation
  • Extend our Fraud services
  • Reduce customer onboarding for an Industry standard of 3-6 months to ASL’s goal of 3-6 weeks
  • Create tools for our customers to test and fail when thinking of new things in a non-consequential environment