Transaction services was affected by the pandemic in two significant ways. One was on the cash management side, where there was a forced acceleration of digital initiatives and of their take-up by corporate clients. That was interesting, but by and large it was happening anyway.
The other, which was particularly important in Asia, involved trade finance, that most stubbornly paper-based activity and the only reason anyone still owns a fax machine. Trade flows, already disrupted by US-China geopolitics, were disrupted once again by Covid.
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