Looking back on the past three quarters, it is clear that 2023 has been a year of upheaval for the banking sector. We have experienced several significant bank failures, and the global economy has been struggling all year. A series of crises—including the escalating conflict in Ukraine, supply-chain disruptions around the world, and the tightening of monetary policies—has forced corporate banking to evolve.

This environment has had considerable implications for corporate treasurers and risk managers, particularly in the realm of payments. That is because the macroeconomic challenges have created both unique pressures on banks' payments operations teams and opportunities for transformation.