Corporate clients of StoneX Group's StoneX Financial payments division may now easily send money abroad thanks to a partnership between the bank and NatWest that provides third-party delivery and foreign FX payments services.

In accordance with the agreement, StoneX will use its 350-correspondent-bank network and API-driven financial institution platform to enable cross-border payments and increase NatWest's local reach in ten more currencies.

NatWest will be able to reach clients in markets that the UK bank hasn't previously served thanks to this.

StoneX: Enabling International Payments for NatWest

NatWest will be able to provide clients with cheap foreign exchange rates and a smooth payments experience thanks to StoneX Payments' network and infrastructure, with an emphasis on transparency about the actual amount of cash transported to an end destination.

With its relationship with Natwest, StoneX feels that it is furthering its mission to offer businesses, financial institutions, and international development organizations clear, affordable, and scalable payment options.

"With its unique solution for financial institutions, StoneX Payments proudly services over 80 bank customers across the US, EU, UK, and APAC regions, including many of the largest and systemically important banks in the world, offering 140+ currencies across 180 countries," states Thiago Vieira, Global Head of StoneX Payments.

"In the past 30 years, we have gained extensive knowledge in the field of cross-border payments and have had great success collaborating with internationally renowned organizations that aspire to be digitally and dramatically transformed."

"It is an honor to be working together with the NatWest team, as they share our passion to modernize international money transfers, and we are dedicated to maximizing the benefits our solution will provide for both their clients and them."

Natwest is focusing more on technology as a business, which is reflected in the decision to expand its cross-border FX services. Jennifer Wood, Director of Strategy, Transformation, and Architecture for Digital X at Natwest, told FinTech LIVE London 2023 that the company wants to change its governance and structural makeup.

With its relationship with StoneX, the bank is now carrying on with its goal of further innovation. "We are delighted that we are able to introduce 10 new currencies in which our customers can send international payments," says Abram Tilling, Goal Lead for Manage my Money at NatWest.

"By using the StoneX Payments channels, our clients can be sure they will get their money at their destination, avoid paying fees to middle banks, and enjoy price transparency.

"NatWest is committed to assisting our customers in realizing their global goals by providing them with a wider selection of payment currencies, lower processing costs, and better terms from our supplier network."