Fully automated cash management with open banking and new technologies
by Jack Large
New open banking processes/standards and technologies are creating revolutionary new ways of automating cash management. Trovata is an open banking big data engine platform using the same technology and AI techniques as Google and Twitter which enables their users to seamlessly connect to their banks and accounting systems, and then to automate cash position reporting and cash forecasting/analysis.
Connect in minutes
Trovata has built-in APIs for connecting to all the major banks, so onboarding new corporate clients take an electrifying short while, e.g. a new client was connected to their major bank in 60 minutes. Linking the A/R and A/P data in client’s ERPs also takes little time.
Automate cash positions
Digital connectivity to all banks and all the accounting data enables companies to automate the work that goes into analysing cash, e.g. manually compiling the source data and rolling over Excel models, etc. This enables the CFO will know automatically know their exact cash position and the trends.
Automate cash forecasting and analysis
Having an accurate rolling cash position is the basis for reliable and accurate cash flow forecasting. Trovata automatically reports on the last 12 months performance and provides 13-week forecasts overall plus reports for each major currency.
New iOS app
Trovata has just launched an iOS mobile app - available for download from the App Store for iPhone & iPad - to extend its multi-bank cash reporting capabilities and complement its core web application, see below:
Source & Copyright©2019 – Travota.io
Trovata.io has expanded its senior leadership team with:
- Mark O'Toole joined as SVP Strategic Alliances & Marketing. Mr O’Toole has over a decade of experience within enterprise fintech focusing on emerging digital solutions with companies such as Cashforce Americas and Openlink Financial
- Jonathan Tuke joined as VP of Operations & Risk. Mr Tuke has an extensive background in bank compliance & enterprise risk management from Capital One and E-Trade.
CTMfile take: Bringing all their bank data together with all their AP and AR and other cash data automatically is the new future of cash management. This is what CFOs have been dreaming of for years.
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