Important changes to international inward payment details08 August 2017
The UK government has put new rules in place to protect its economy following the financial crisis of 2008. The rules state that UK banks must separate, or ring-fence, their essential banking products and services from higher risk activities carried out globally.
Consequently, we have been notified that, as part of a UK ring-fencing exercise affecting many other retail and private banks, our payment settlement services will be moving from Royal Bank of Scotland International to NatWest Plc going forward. NatWest is a high volume participant in UK and international currency payment services, and is part of the wider Royal Bank of Scotland Group.
This will result in changes to our payment services for certain currencies, which means you and your clients will need to use new correspondent details when making international currency payments into Nedbank Private Wealth accounts.
Please use the new correspondent details with immediate effect, to ensure safe receipt of incoming payments.
A copy of the new details can be found on our website by following this link.
We hope that these changes will not cause you or your clients too much inconvenience. If you have any questions regarding these changes or would like assistance, please contact our Intermediary Liaison team on +44 (0)1624 645800 from 8am until 8pm (UK time) Monday to Friday.
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