Trovata, a leader in automating cash workflows using direct bank APIs for wholesale, multi-bank data aggregation, announced today the launch of its new Treasury Cloud product — a fully managed data lake with a robust developer portal for bank balances and transactions at scale. Treasury Cloud is designed for enterprise business systems or IT teams to drive digital transformation and automate backend support for accounting, finance and treasury teams internally.
The new Platform follows a year-long development effort and successful pilot with the treasury and business systems (IT) teams of global payments leader, Square.
“As wholesale banking APIs have become increasingly available, large enterprise companies are having to step up to significant challenges in integrating and driving automation and internal data platform capabilities across their ecosystem of services,” said Trovata CTO, Joseph Drambarean. “With our new Treasury Cloud, Trovata brings to life banking data from a complex network of global institutions into a common language providing resilience, scalability, and extensibility.”
Trovata’s new Treasury Cloud provides:
“The challenge of accounting for the variability and volume of bank balances and transactions across our network of banking partners proved to be unique as we embarked on data transformation of our internal services,” said Square’s Treasury and Business Technology team. “Trovata stepped into the gaps by providing an end-to-end Platform to be used by our internal stakeholders and created opportunities for further innovation built on the power of Platform APIs.”
By leveraging Trovata to access banking APIs, Square’s stakeholders, including accounting, treasury, and engineering teams, can benefit instantly from a centralized data lake and forgo routine maintenance and lengthy implementations. Bank data is aggregated in real time, stored, and fully managed to ensure quality assurance that offers the agility required to drive innovation.
For more information on the Trovata Treasury Cloud, read the case study on how Square Reinvents Treasury Back Office with Bank Data Lake.
Trovata makes it easy for businesses to automate cash reporting, forecasting, and analysis. By bridging the gap between banks and accounting systems, Trovata is helping companies gain powerful insights into their cash flows that drive better and quicker business decisions. Today, Trovata is helping companies transform finance and treasury operations using open banking and machine learning. With direct APIs with most major banks, new clients can get setup in just a few hours. Trovata is based in San Diego, CA. To learn more visit www.trovata.io.