NatWest Enhances StoneX Partnership With Global FX Payments

(CTN News) – In a partnership with NatWest, StoneX Financial enhances the UK bank’s global payments capabilities and provides clients with better cross-border FX services

A subsidiary of StoneX Group, StoneX Financial, has partnered with NatWest to provide third-party delivery and international FX payments services to the bank’s corporate clients.

Through StoneX’s API-driven financial institution platform and 350 correspondent banks, NatWest will now be able to make cross-border payments and expand local reach in a further 10 currencies.

Consequently, NatWest will have access to customers in markets in which it has not previously operated.

NatWest’s StoneX: enabling cross-border payments

Through StoneX Payments’ network and infrastructure, NatWest will be able to offer its customers competitive foreign exchange rates and a seamless payments experience, while ensuring that the precise amount of funds delivered is clear to the end user.

By partnering with Natwest, StoneX is demonstrating its commitment to providing businesses, financial institutions and international development organizations with competitively priced, transparent and scalable payment solutions.

As stated by Tiago Vieira, Global Head of StoneX Payments: “As a provider of unique financial institution solutions, StoneX Payments proudly serves over 80 banks in the US, EU, UK and Asia Pacific region, including many of the largest and most systematically important banks in the world, offering 140+ currencies in 180 countries.

As a global leader in cross-border payments, we have gained a significant amount of expertise over the last 30 years and have found tremendous success in partnering with global institutions that are looking to transform the way they do business.

We are pleased to be partnering with NatWest, whose team shares our passion for modernizing cross-border money movement, and we are dedicated to maximising the value our offering will provide for their clients.”

With the group’s focus on technology as a business, expansion of cross-border foreign exchange services comes as the group deepens its focus on technology. At FinTech LIVE London 2023, Jennifer Wood, Director of Strategy, Transformation, and Architecture for Digital X, explained her intentions for transforming the institution both structurally and in terms of governance.

With StoneX, the bank is continuing on its path to greater innovation. The goal lead for Manage my Money at NatWest, Abram Tilling, commented: “We are pleased to introduce 10 new currencies in which our customers can make international payments.”.

In addition to providing our customers with the certainty of receiving a value at the destination, StoneX Payments channels ensure transparency in pricing as well as avoiding intermediary bank charges.

With a variety of payment currencies, NatWest continues to support our customers’ global ambitions by providing a larger supplier network, reduced processing costs, and improved terms.

After a difficult 2023 in which CEO Alison Rose resigned amid a scandal surrounding private banking, Natwest is on the path to digital enablement.

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