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NatWest partners with StoneX to enhance cross-border FX service

By Gloria Methri

April 17, 2024

  • APAC
  • Cross Border Payment
  • Europe
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NatWest Group, StoneX, Cross Border Payments, FX Services,  Neo-Banking, UK, FinTech, NatWest, Payment Modernisation, EuropeStoneX Financial Ltd and NatWest have signed a strategic partnership to enhance NatWest’s international payments capabilities and provide its clients with seamless cross-border FX services.

The Payments division of StoneX (StoneX Payments) will supply NatWest with third-party delivery and international FX payment services. This will allow NatWest’s corporate clients to transfer money to more nations with ease.

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 extensive network of over 350 correspondent banks will be leveraged.

Thiago Vieira, Global Head of StoneX Payments, commented on the partnership, saying, “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.”

Abram Tilling, Goal Lead, Manage my Money, NatWest, stated, “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.”

StoneX Payments’ proprietary network and infrastructure will play a central role in the collaboration, ensuring NatWest customers have access to competitive foreign exchange rates and a seamless payment experience. StoneX Payments’ offering to NatWest includes clarity at the inception of the payment transaction regarding the precise amount of funds to be delivered to their desired destination.

The partnership is expected to simplify cross-border transactions, reduce costs, and make it easier for NatWest commercial customers to make more international payments in Bankline.

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