NatWest has tapped StoneX to boost its international payment capabilities

One of the major UK banks, NatWest, recently tapped StoneX to improve its cross-border payments capabilities. In addition, with StoneX at its side, NatWest will be able to provide seamless FX services to its international clients.

StoneX’s payments division, StoneX Payments, will provide NatWest with 3rd-party delivery and international FX payment services. As a result, the bank’s corporate clients will be able to move money to more nations around the world with ease.

NatWest taps StoneX Payments for cross-border FX services –
“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 count… pic.twitter.com/LKFYSHUUy6

— The Industry Spread (@industryspread) April 17, 2024

NatWest to support 10 more currencies thanks to the StoneX partnership

According to the details of the partnership, NatWest will be able to expand its local payment reach in an additional set of 10 currencies. It will also provide access to its services to users in markets that the bank did not service until now.

StoneX Payments’ Global Head, Thiago Vieira, stated that StoneX Payments uses its unique solutions for financial institutions to service over 80 bank customers in the US, EU, UK, and the APAC region. This includes many of the largest and most systematically important banks around the world, and in total, it offers over 140 currencies in 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 recognized institutions that have digital and transformative ambitions. It’s a privilege to be partnering with the team at NatWest, who share our drive to modernize cross-border money movement and we are committed to maximizing the value our offering will bring to them and their clients,” Vieira added.

Meanwhile, NatWest’s Goal Lead for Manage My Money, Abram Tilling, said that the bank is delighted to introduce 10 new currencies through the new partnership. This will help its customers send international payments, not to mention providing the users with a certainty of value received at the destination.

“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,” Tilling concluded.

What else does StoneX’s solution have to offer?

StoneX has developed an API-driven financial institution platform, which is coupled with an extensive network that includes more than 350 correspondent banks to be leveraged.

Furthermore, StoneX Payments’ proprietary network and infrastructure will play a crucial role in this collaboration. This will ensure that NatWest’s customers receive access to competitive FX rates, and have a seamless payment experience.

The offering also includes clarity at the inception of the payment transaction regarding the precise amount of funds that will be delivered to the recipient.

For StoneX, the new partnership also represents a commitment to providing competitively-priced, highly scalable, and fully transparent payment solutions for businesses and financial institutions. Not to mention that this approach will simplify international payments, reduce their costs, and simply make it easier for NatWest commercial users to send payments to other countries.