Fintech StoneX Financial partners with NatWest to enhance the UK bank’s global payments capabilities and provide clients better cross-border FX services
The payments division of StoneX Group, StoneX
Financial, has partnered with NatWest to supply it with third-party delivery
and international FX payment 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 payment 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.
https://fintechmagazine.com/articles/natwest-enhances-global-fx-payments-in-stonex-partnership