Few dispute that Chinese tech giants have shaken up retail banking, changing how millions of customers do everything from paying their bills to choosing insurance. But the real disruption may be occurring in a more staid corner of finance—and it’s being led by Wall Street.

As investment-banking revenues slumped in the wake of the global financial crisis, traditional broker-dealers found that trading and deal-making weren’t cutting it. Steadier money could be made in cash management, the humdrum business of assisting multinational companies with daily liquidity and getting the most out of idle deposits by deploying them in global markets.

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