The unassuming mix of cash management, payments, trade finance and securities and custody services, which comprise transaction banking operations, make for unlikely stars in the complex hierarchies of the financial world. But given the economic crisis, their rise in status should not have been surprising.
By the tail end of 2008, the very qualities that meant transaction services were often overlooked in times of plenty – steady but less than spectacular returns and a relatively dependable customer base – suddenly seemed very attractive.