The payments division of StoneX Group, StoneX Financial, has partnered with NatWest to supply it with third-party delivery and international FX payments services, enabling the bank’s corporate clients to transfer money internationally with ease.
Per the deal, StoneX will support cross-border payments and expand local reach for NatWest in an additional set of 10 currencies with its API-driven financial institution platform and network of 350 correspondent banks.
This will provide NatWest access to customers in markets the UK bank has not previously serviced.
StoneX: Empowering cross-border payments for NatWest
StoneX Payments’ network and infrastructure will power NatWest’s ability to offer customers competitive foreign exchange rates and a seamless payments experience – with a focus on clarity around the precise amount of funds delivered to an end destination.
StoneX believes its partnership with Natwest reinforces a commitment to providing competitively priced, transparent and scalable payment solutions for businesses, financial institutions and global development organisations.
Thiago Vieira, Global Head of StoneX Payments, says: “Through its unique solution for financial institutions, StoneX Payments proudly services more than 80 bank customers across the US, EU, UK and APAC regions, including many of the world’s largest and systemically important banks, offering 140+ currencies across 180 countries.
“Over the last 30 years, we have developed deep expertise in the cross-border payment space and have found tremendous success in partnering with globally recognised institutions that have digital and transformative ambitions.
“It’s a privilege to be partnering with the team at NatWest, who share our drive to modernise cross-border money movement and we are committed to maximising the value our offering will bring to them and their clients.”
For Natwest, the move to expand its cross-border FX services comes as the group deepens its focus on technology as a business, with its Director of Strategy, Transformation and Architecture for Digital X, Jennifer Wood, telling FinTech LIVE London 2023 her aims of transforming the institution both structurally and on the governance side.
Now, the bank is continuing on its path to increased innovation with its StoneX partnership. Abram Tilling, Goal Lead for Manage my Money at NatWest, adds: “We are delighted that we’re able to introduce 10 new currencies in which our customers can send international payments.
“Using the StoneX Payments channels provides our customers with the certainty of value received at the destination, avoiding charges from intermediary banks while providing transparency in pricing.
“NatWest continues to support the global ambitions of our customers with payment currency choices that enable them to choose from a broader supplier network with reduced processing cost and access to improved terms.”
Natwest’s path to digital enablement comes after a rocky 2023, which saw CEO Alison Rose resign amid a private banking scandal.