Euromoney’s inaugural transaction banking revenue ranking showcases the world’s biggest banks by revenue across cash management, trade and working-capital solutions. This first iteration highlights how fee growth sustained revenues in 2024 despite margin compression. The methodology will be further refined, with increased granularity and a full-year 2025 update to follow later in the year.
Transaction banking revenue performance in 2024 was disparate across bigger and smaller banks alike. Some franchises continued to deliver record or growing revenues, while others experienced clear pressure from deposit margin normalisation and tighter pricing, which translated into a muted average revenue growth of 2% across the top 30 players.
At the same time, transaction volumes and client expectations around speed continued to rise – driven by instant payment infrastructures and cross-border messaging – requiring sustained investment in always-on operations, fraud controls and API connectivity.
Regulation in 2024 also constrained pricing across key payment rails. While technology initiatives – including AI-enabled servicing, tokenisation and wholesale distributed ledger technology (DLT) experimentation and new payout rail partnerships – were strategically significant, disclosures suggest these were positioned primarily as efficiency enablers rather than immediate contributors to revenue uplift.
The key differentiator in 2024 was no longer simply transaction volumes but the ability to convert those volumes into sustainable revenue while defending per-transaction economics and funding spreads. Large, diversified franchises with strong fee resilience and product breadth continued to deliver robust performance. By contrast, banks more reliant on net interest income (NII) from operating deposits – or more exposed to competitive pricing pressures – saw revenue headwinds despite maintaining scale.
Fee income grows, NII flattens
Banks disclosing detailed segment metrics show a consistent pattern: fee income growth alongside broadly flat NII. This suggests underlying client activity remained strong, even as balance-sheet monetisation became more challenging.
Client behaviour also played a role, with deposit balances shifting not only in absolute terms but across the mix of categories – between current account savings account (CASA) and term deposits, and between operating balances and investment or treasury optimisation products – each with different revenue implications. Trade finance illustrates this tension clearly: industry data shows only modest revenue declines in the first half of 2024, supported by volume growth, but with margin pressure offsetting these gains.
Payment-rails innovation
A defining theme of 2024 was the acceleration of payment-rail modernisation, alongside a shift in monetisation towards value-added overlay services. These include data-rich reporting, reconciliation, fraud controls, ERP and API integration and enhanced cross-border routing capabilities, rather than simple per-transaction pricing increases. Internally, automation and AI have increasingly been positioned as tools to enhance service delivery and operational efficiency, helping to protect margins in a more constrained pricing environment.
Learn more about the transaction banking performance rankings methodology. Contact Chiara or Ana for more information on this research.
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Top 30 transaction banks
1. HSBC
HSBC reported $11.9 billion in global payments solutions revenue within commercial banking (+18% year-on-year) and $4.5 billion within global banking and markets (+2% year-on-year), In addition, global trade solutions revenue reached $2 billion in commercial banking (+1% year-on-year) and $690 million in GBM (+5% year-on-year). Growth was underpinned by HSBC’s scale and technology-led operating model, evidenced by the bank processing 193 payments per second year-to-date in 2024 and accelerating client onboarding through Smart Transact, live in 13 markets. The rollout of HSBC Trade Solutions across 21 markets further boosted activity, with straight-through processing in as little as 15 seconds supporting higher throughput in guarantees, letters of credit and supply chain finance.
2. JPMorgan
JPMorgan’s fee revenue reached a record $1.9 billion (+13% year-on-year), while deposits exceeded $800 billion (+10%). Daily averages of payments’ volumes saw an increase of 12% year-on-year, with growth in merchant volumes and USD market share. A key driver was the bank’s ability to provide a comprehensive suite of advanced payments solutions to clients globally.
3. Citi
Citi, named the world’s best transaction bank by Euromoney in its 2025 Transaction Banking Awards, delivered $19.6 billion in services revenue, with treasury and trade solutions contributing $14.5 billion (+6% year-on-year), driven by a 37% increase in non-interest revenue. The bank processes ~$5 trillion in daily flows, underpinning its scale advantages. Growth was supported by digital payments, data-led services and higher fee income. Its network spans 135+ currencies, more than 300,000 supplier relationships and 4,000+ buyers, reinforcing volume-driven revenues.
4. Bank of America
Bank of America’s global payments solutions performance in 2024 was recognised by Euromoney as the world’s best cash management bank in the 2025 Transaction Banking Awards. With $10.5 billion in revenue, the bank saw a year-on-year revenue decline of 8% due to higher deposit costs, partially offset by fee revenue. Client activity continued to scale, with CashPro payment approvals exceeding $1 trillion, while increased digital engagement and API adoption supported transaction volumes and efficiency.
5. Wells Fargo
Wells Fargo saw stronger treasury management fee generation in 2024, particularly within commercial banking and corporate & investment banking. In commercial banking, deposit-related fees increased due to higher treasury management fees on commercial accounts, driven by increased transaction service volumes and repricing. However, this was partly offset within corporate and investment banking by lower NII, reflecting higher deposit costs and lower loan balances.
6. Deutsche Bank
Deutsche Bank’s transaction banking franchise delivered resilient performance in 2024, with the corporate bank benefitting from deposit volume growth, pricing discipline and a strong contribution from trade finance. The corporate bank continues to focus on fee revenue growth across both cash management and trade, with expansion expected among institutional clients, supported in part by agency banking.
7. Standard Chartered
Standard Chartered’s 2024 performance reflects the strength of its transaction banking franchise within its corporate and investment banking division, where cash management and trade remain core fee drivers. The bank also continued to invest in its Straight2Bank platform, enhancing API connectivity, real-time payment capabilities and digital onboarding, while doubling down on its role as a cross-border transaction bank leveraging its emerging markets footprint.
8. BNP Paribas
BNP Paribas’s transaction banking activities contributed to global banking revenues in 2024, with a 5% year-on-year increase to $4.5 billion. Growth was driven in part by momentum in the Americas and Apac, with increased cash management volumes and particularly strong trade finance activity. The business also demonstrated notable strength in the Americas in the fourth quarter of the year.
9. PNC Financial Services
PNC Financial Services’ transaction banking business was a key driver of the bank’s increase in corporate and institutional banking earnings. Growth was supported by higher revenue, with non-interest income benefitting from stronger treasury management product revenue and NII supported by wider spreads on deposit balances.
10. Barclays
Barclays focused on strengthening its cash management and payments capabilities across its UK corporate and global corporate banking businesses. The bank invested in enhancements to real‑time payments, API connectivity and digital onboarding, while continuing to upgrade its key digital platforms, including Barclays.Net. These improvements supported domestic UK mid‑market and corporate clients as well as global corporates, providing greater visibility, control and efficiency in payments and liquidity management.
11. DBS Bank
DBS Bank’s global transaction services business remained a major growth engine in 2024 within institutional banking income. The bank drove financial performance through scalable digital and liquidity solutions that improved client efficiency and wallet share. Blockchain-based tokenised deposits and programmable payments enabled 24/7 liquidity and instant cross-border transfers, reducing friction and increasing transaction volumes. Centralised treasury (POBO/ROBO) and enhanced liquidity tools optimised working capital and lowered operational costs. The Enterprise Payments Hub and GlobeSend improved cross-border processing speed, pricing transparency and straight-through processing rates. Platform integration via DBS IDEAL and APIs deepened client stickiness, while FX solutions and ESG-linked finance expanded fee income opportunities. The year-on-year decline in revenue was due to the impact of lower interest rates and was partially offset by higher fees.
12. Scotiabank
Scotiabank reported solid transaction banking progress in 2024, with growth driven by a focused effort to deepen client primacy and increase penetration of transaction banking products and services. The bank also continued to enhance its global transaction banking capabilities and invest in its ScotiaConnect platform, with a particular emphasis on strengthening its proposition across Mexico, Canada and the US.
13. Santander
Santander delivered 4% transaction banking revenue growth in 2024 despite macro headwinds, indicating market share gains in a stagnant environment. Performance was supported by scale ($260+ billion annual payments, 70,000+ invoices processed daily, 3000+ supply chain programmes) and expansion in export finance (a 15% increase in market share). Integration under a single global platform improved cross-segment client capture and operational efficiency. Growth drivers include ecosystem connectivity, cross-border corridor expansion and embedded finance partnerships, positioning the bank to monetise higher transaction volumes and deepen client penetration across corporates and SMEs.
14. UniCredit
UniCredit reorganised payments, trade finance and working-capital product development within group client solutions in 2024, centralising activities to simplify the operating model and strengthen product delivery. It also streamlined governance and continued rationalisation of its international network, maintaining a strong franchise in Western Europe, particularly Italy and Germany, as well as across Central and Eastern Europe.
15. BBVA
BBVA stood out in 2024 for its transaction banking performance, with the highest year-on-year revenue growth at 32%. Within corporate and investment banking, global transaction banking revenue growth highlights strong momentum in payments and cash management, supported by client activity and strategic repositioning. The bank reorganised its client coverage model, creating a commercial client solutions unit to strengthen its corporate offering and improve cross-selling. BBVA also continued to invest in API-based cash management, real-time payments and digital onboarding, with a strong focus on integrating services into corporate treasury systems. Innovation in embedded finance and data-driven services further positions transaction banking as a core pillar of its digital strategy.
16. UOB
UOB delivered strong transaction banking momentum in 2024 across its Asean franchise, supported by significant growth in operating balances, double-digit increases in payments and collections volumes and trade assets. The bank also saw a sharp rise in cash management mandates while continuing to double down on digital innovation.
17. OCBC
OCBC’s wholesale banking business delivered a mixed performance in 2024, with customer deposits growing at a slower pace due to interest rate dynamics. Fee income improved through greater cross-selling of investment banking and treasury solutions, while customer flow treasury income reached a new high across consumer and corporate segments.
18. TD Bank
TD Bank accelerated its strategic growth plan in 2024 following the integration of TD Cowen, with transaction banking positioned as a core relationship anchor. This resulted in strong deposit momentum, including 25% growth in GTB corporate deposits as part of a multi-year effort to scale the franchise, while deepened integration with US commercial supported expansion in the middle market space. Transaction banking revenue grew 3% to $2.3 billion.
19. Commerzbank
Commerzbank upgraded its German payments platform in 2024 to support Swift cross-border transactions and Target2/Euro1 high-value payments, enabling ISO 20022 and improving client services. The bank also expanded its international network with a Baltic hub in Vilnius, while maintaining a strong European focus and deepening SME and large corporate penetration alongside broader expansion in the US and Asia.
20. Societe Generale
Societe Generale reported a significant increase in global transaction and payment services revenue, up 13.9% versus 2023 and 26.1% versus the fourth quarter of 2023. Performance was driven by broad-based commercial development and strong fee generation, particularly in correspondent banking.
21. Mizuho
Mizuho’s transaction banking activities in 2024 were characterised by incremental digital enhancement and closer integration with broader corporate banking services. The bank focused on upgrading its cash management platforms, including improved digital interfaces, API connectivity and support for real-time payment schemes. It also enhanced cross-border cash visibility and liquidity management, particularly for Japanese corporates with international operations, aligning transaction banking with its broader global expansion strategy across Asia and the US.
22. ING Group
ING Group’s transaction banking performance in 2024 was mixed. Despite margin pressure from falling interest rates, the bank expanded its European cash management portfolio, driven by deposit growth and new multinational mandates. This pressure was partly offset by stronger trade finance services income, supported by higher margins and increased fee income.
23. Crédit Agricole CIB
Crédit Agricole CIB’s transaction banking business in 2024 was defined by significant infrastructure upgrades and strategic partnerships. A milestone was the rollout of a new payments platform designed to enhance processing efficiency, scalability and real-time capabilities. This was complemented by expanded API connectivity, enabling direct corporate integration. The bank also introduced green deposits and strengthened its fraud-prevention offering through a partnership with Trustpair, while modernising its cash pooling and liquidity management infrastructure.
24. RBC
RBC’s transaction banking strategy in 2024 was anchored in digital platform innovation, highlighted by the launch of RBC Clear, a new cash management platform providing real-time visibility and control over cash flows, integrating payments, reporting and liquidity management into a single interface.
25. BNY
BNY’s performance was driven by scale, infrastructure modernisation and network effects. It supports nearly all top 100 global banks, reinforcing fee-generating institutional flows. The bank maintains a clear strategy of serving US corporates domestically while focusing on financial institutions internationally. The 2024 migration to a unified payments platform reduced costs and improved processing efficiency through automation and 24/7 multi-currency capabilities. Real-time treasury, partnerships and innovations such as near-instant cross-border payments, virtual account structures and AI-driven automation further enhance scalability, reduce costs and deepen wallet share.
26. UBS
UBS reported strong growth in transaction-based income in 2024, with revenue increasing CHF230 million, up 14% year-on-year. A significant portion reflected the full-period consolidation of Credit Suisse revenues, although underlying growth also points to healthy activity levels.
27. Standard Bank Group
Standard Bank delivered solid transaction banking performance in 2024. NII was flat due to margin compression and higher reserve requirements, but non-interest revenue increased 8%, driven by new client acquisition and stronger transaction volumes. The Africa regions franchise saw 27% revenue growth in constant currency, supported by deposit and asset growth and increased share of wallet.
28. QNB Group
QNB delivered strong transaction banking performance in 2024, with fee revenues from cash management and trade growing 22%. Cash management fee revenues increased 34%, while digitally initiated volumes grew by close to 28%, supporting current account savings account (CASA) stability. The bank also completed more than $5.5 billion in global trade deals and expanded digital trade solutions, with international operations accounting for 48% of global transaction banking revenue.
29. Fifth Third Bank
Fifth Third Bank launched Enhanced Payables in 2024, integrating invoice automation, virtual cards and ACH into a single platform. This represents a clear move towards end-to-end payables solutions, improving efficiency and working-capital management for corporates. Revenues grew 9% to $1.1 billion.
30. NatWest
NatWest’s performance was driven by first-mover innovation, ecosystem scale and client-led monetisation. Leadership in APIs and variable recurring payments has expanded transaction volumes and embedded the bank in broader payment ecosystems. Partnerships and sector-focused strategies continue to drive fee generation, while a hybrid model of automation and advisory strengthens client retention and recurring revenues.