NatWest Successfully Wins Agreement to Offer Financial Services for Government Entities and Institutions
NatWest Secures Eight-Year Contract Extension for Government Banking Services
NatWest has announced that it has secured an eight-year contract extension (with an option to extend for a further four years) to provide banking services, specifically money transmission services, for multiple UK government departments and public sector bodies.
This contract covers key public sector organizations including major customers such as the NHS (National Health Service), National Savings & Investments (NS&I), and the Department for Work & Pensions (DWP). The contract involves processing a broad range of payments on behalf of these government bodies and others in the public sector.
Ritu Sehgal, Head of Transaction Services and Trade at NatWest, expressed her excitement about the contract, stating, "We are proud to continue our support for the vital work central government undertakes." She also mentioned that the contract reflects NatWest's commitment to resilience and security in delivering essential banking services.
The dedicated relationship team at NatWest has a deep understanding of Government Banking, having provided exceptional service for over 15 years. This longstanding work with Government Banking is considered a key strategic relationship within NatWest's Corporate & Institutional Banking business.
The contract will make NatWest a key supplier for almost 600 central government customers. The bank's focus is on providing a smooth continuation of banking services and ensuring the normal operation of organizations' payment services. The contract contributes to approximately 25% of Group Bacs and cheque payments, representing significant economies of scale.
The contract award highlights NatWest’s effectiveness in the transaction banking industry and reinforces NatWest's leadership in this sector. Sehgal also stated that NatWest looks forward to helping provide essential services to millions across the UK.
NatWest has been a key player in the Government Banking framework since its inception in 2008. The bank is committed to supporting the UK Government in delivering vital services to its citizens. This contract extension is strategically significant for NatWest, further cementing its position as a trusted partner for government banking services in the UK.
- In light of the eight-year contract extension, NatWest will continue to offer banking services, including finance and payment processing, for various UK government departments and public sector bodies, such as the NHS, National Savings & Investments, and the Department for Work & Pensions.
- As a key supplier for almost 600 central government customers, NatWest's focus remains on securing economies of scale through the handling of about 25% of Group Bacs and cheque payments, thereby reinforcing its position as a leader in the transaction banking-and-insurance industry.
