Metro Bank, Equals Money launch FX forwards service
Metro Bank has partnered with Equals Money to offer FX Forwards to its Corporate and Commercial customers. The new service is aimed at businesses that need to manage foreign exchange risk and plan international payments.
The product forms part of Metro Bank's foreign exchange offering and allows customers to lock in exchange rates for future transactions. Businesses can set the rate they will pay or receive at a later date, helping reduce the impact of currency swings on invoices and cash flows.
Managing exposure
FX forwards are commonly used by companies that buy or sell in foreign currencies, or that have known future payment dates in another currency. By agreeing on an exchange rate in advance, firms can increase certainty over the sterling value of future payments or receipts. This is relevant for importers and exporters, as well as for businesses with overseas suppliers, contractors, or subsidiaries.
Metro Bank said the addition complements its existing foreign currency services and keeps more activity within the bank. It described the move as a response to demand from international business customers.
The service is delivered through a Metro Bank-branded platform, with Equals Money providing the underlying technology and service. Customers access the tool through Metro Bank's banking services.
Platform approach
Metro Bank outlined a model that combines relationship management with specialist foreign exchange support. Relationship managers will work alongside Equals Money's foreign exchange specialists, and a digital platform will be used to execute trades and manage positions.
The approach reflects a wider trend in UK banking, where banks add specialist services through partnerships rather than building every product in-house. This can broaden product sets for business customers while maintaining a single branded experience.
For Equals Money, the agreement adds another embedded distribution relationship with a bank brand. The company operates in the UK as an FCA-regulated Electronic Money Institution and Payment Institution, offering multi-currency accounts, international payments, and business spending services.
Customer focus
Metro Bank said FX forwards are targeted at its Corporate and Commercial customer base. The bank provides corporate, commercial, and SME banking, as well as specialist mortgage lending, alongside retail and private banking services. It operates through a network of 78 UK stores, UK-based telephone banking contact centres, and digital banking via its mobile app and online.
Andy Veares, Managing Director of Commercial and Corporate Banking at Metro Bank, linked the launch to the international trading needs of business customers.
"We are pleased to launch FX Forwards for our Corporate and Commercial customers. We've responded to customer demand with a product designed to help businesses that trade in foreign currencies, as well as to support them to compete and expand internationally. This demonstrates our commitment to offer a broad range of services that enable UK businesses to grow and thrive, backed by the strength of our relationship banking experts."
Equals Money said the partnership reflects its role in delivering the platform's infrastructure and user experience, combining Metro Bank's brand and customer relationships with Equals Money's product set.
Ian Strafford-Taylor, CEO of Equals Money, said: "Powering Metro Bank's new FX Forwards capability is exactly what our embedded finance platform is designed for: delivering tier 1 infrastructure with fintech-level user experience. We're pleased to have been selected for our tailored technology, breadth of products, customer experience, and speed-to-market capabilities. Together, under Metro Bank's trusted banking brand, we're enabling business customers to manage currency risk, ensuring greater predictability in cash flow and planning."
Metro Bank said Corporate and Commercial customers can speak with their relationship management team for more information about the FX Forwards service.