The contract will be held for 8 years with an option to extend up to a further 4 years, and involves processing a range of payments on behalf of Government Banking, who provide a shared banking service across central government and wider public sector bodies.
Under the new agreement, NatWest will serve as a key supplier for almost 600 central government customers, including the NHS, National Savings & Investments, and the Department for Work & Pensions.
Ritu Sehgal, Head of Transaction Services and Trade, Commercial & Institutional, NatWest, commented:
"We are honoured to have been selected as a supplier for the UK Government’s banking services. This mandate is strategically significant for NatWest and reflects our commitment to resilience and security in delivering essential banking services.
“We look forward to continuing our support for the vital work central government undertakes, helping to provide essential services to millions across the UK."
Guillaume Fleuti, Head of Large Corporates, NatWest, said:
“Our longstanding work with Government Banking is a key strategic relationship within our Corporate & Institutional Banking business. We are proud of our ongoing commitment to support the UK Government in delivering vital services that benefit communities across the nation.”
Since the inception of the Government Banking framework in 2008, NatWest has played a fundamental role. After a rigorous bidding process, NatWest is proud to have been selected to deliver this new contract and the bank’s focus is now to provide a smooth continuation of banking services and ensure organisations’ payment services continue to operate as normal.
This achievement highlights NatWest’s capability to compete effectively in the industry while maintaining a customer-first approach. The bank’s dedicated relationship team has developed a deep understanding of Government Banking over the past 15+ years, consistently providing exceptional service to its recipients.
This contract award not only reinforces NatWest’s leadership in transaction banking but also contributes to significant economies of scale, representing approximately 25% of Group Bacs and cheque payments. The bank is clear of its commitment to supporting the UK Government in delivering vital services to its citizens.
