NatWest Group has entered into a strategic partnership with StoneX Financial, a subsidiary of US-based StoneX Group, to enhance the bank’s international payment and foreign exchange (FX) services.
StoneX Payments, the payments division of the firm, will supply NatWest with third-party delivery and international FX payment services, allowing the bank’s corporate clients to transfer money to more nations easily.
According to both parties, this partnership will support cross-border payments and expand local payment reach in an additional set of 10 currencies, providing access to customers in markets the bank had not previously serviced. StoneX’s API-driven financial institution platform and its network of over 350 correspondent banks will also be leveraged.
“Using the StoneX Payments’ channels provides our customers with the certainty of value received at destination, avoiding charges from intermediary banks while providing transparency in pricing,” said Abram Tilling, goal lead, Manage my Money, NatWest.
“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.”
StoneX Payments claims to service 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 over 140 currencies across 180 countries. It is part of the New York-headquartered StoneX Group, which through its subsidiaries and its 4,000+ employees serve more than 54,000 commercial, institutional, and global payments clients, and more than 400,000 retail accounts, from more than 80 offices spread across six continents.
