The world’s largest corporates may have been bullish about deploying cash since the middle of 2021, but smaller firms are expected to pull back on expenditure as recession risk rises.

The pandemic and the war in Ukraine have brutally exposed the fragility of global supply chains.

Simplicity remains the watchword for treasurers trying to increase returns on their cash reserves.

While the impact on energy is centre stage, the war in Ukraine is also wreaking havoc on soft commodity prices and trade routes. Trade in agricultural commodities is taking a hit. The pool of banks financing these commodities is already dwindling, while the risks for those that remain are growing.

More awareness by corporates of the role played by small suppliers has boosted early payment programmes.

With less than a year to go, market participants seeking a smooth transition face a number of challenges.

Increased use of the euro short-term rate in the swaps market could result in a Euribor decline – or demise.

Technology advances and positive ESG considerations could help private credit reduce the global trade finance gap.

Offloading payment infrastructure makes sense for some banks as customer demands become more sophisticated – not all.