NatWest, one of the UK’s leading banks, is partnering with StoneX Payments, a division of the US-based, multi-asset broker and fintech provider, StoneX Inc., to boost its cross-border payment services. StoneX also owne CFD broker, City Index and Forex platform forex.com. Although it’s important to make the distinction between a forex broker (for speculating) and a currency broker (for sending large amounts of money abroad).
Natwest Cross-Boarder Payments
The collaboration will allow NatWest’s corporate clients to seamlessly transfer funds across a wide range of currencies and countries.
Under the new partnership, NatWest clients will gain access to local payment channels in 10 additional currencies, opening up markets that were previously unavailable to them.
StoneX’s extensive global network of over 350 correspondent banks will be leveraged to facilitate these international transfers.
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Transparency & Technology
StoneX Payments’ cutting-edge technology platform will be used to deliver enhanced cross-border capabilities and opportunities for NatWest’s corporate customer
StoneX has an API-driven system that will integrate directly with NatWest’s platforms, providing an efficient and transparent payment service.
This will give the end customer complete clarity about charges and delivery amounts, from the outset of the transaction.
The tie-up is part of NatWest’s mission to support its customers through the offer of a wide range of payment currencies, and supplier options.
Abram Tilling, the Goal Lead for NatWest’s “Manage my Money” initiative said:
“Using the StoneX Payments’ channels provides our customers with the certainty of value received at (the) destination while providing transparency in pricing.”
Who is StoneX Inc?
StoneX Group Inc. is a Fortune 100 company headquartered in New York and listed on the Nasdaq.
Its 4,000 employees service more than 54,000 commercial, institutional, and global payments clients, and more than 400,000 retail accounts, from 80 offices located across six continents.
Natwest of course is one of the UK’s largest banks, with some 19.0 million retail and business customers.
For StoneX Payments, partnering with an institution like NatWest is something of a coup.
Thiago Vieira, Global Head of StoneX Payments, said:
“We have found tremendous success in partnering with globally recognized institutions that have digital and transformative ambitions,”
he added that:
“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.”
The shape of things to come
As cross-border commerce becomes evermore commonplace and important, strategic partnerships like this will play a key role in simplifying international money transfers and payments, thereby reducing friction inherent in cross-border trade.
The integration of StoneX’s advanced payments infrastructure should open up new opportunities, and markets for NatWest business customers.
Of course Natwest Group (which was formerly known as Royal Bank of Scotland) withdrew from many overseas markets and streamlined its business, in the wake of the Global Financial Crisis, during which, the bank was bailed out by the UK taxpayer.
The use of partnerships with specialist third-party providers is likely to be a recurring theme in the increasingly streamlined world of modern banking.
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