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Industry roundup: 26 August 2020

Trovata and ICD launch integrated corporate treasury workflow 

Trovata, an emerging enterprise fintech automating cash reporting and forecasting with its multi-bank API data aggregation platform, and ICD, an independent portal provider of money market funds and other short-term investments, have announced that they have launched an integrated workflow for corporate cash forecasting and investing. Bandwidth Inc., a software company focused on communications for the enterprise, is the first corporation to use the integrated solution.

“This new workflow makes our jobs faster, easier and smarter," said Scott Taylor, treasurer at Bandwidth. "We’re thrilled with the integration between Trovata and ICD, which allows us to get out from under the time-consuming task of piecing together investment balances and global cash reports. We’re able to put money to work, and do it with confidence. This automation will become even more advantageous as Bandwidth continues to grow.”

The integration between Trovata’s cash automation platform and ICD Portal establishes a straight-through process for the free flow of data across platforms. Trovata’s API platform is pre-integrated so it aggregates, normalises and delivers bank balances and transactions in real time to automate cash reporting, cash flow analysis, and forecasting, with no implementation. The companies say that, with richer and faster intel, treasurers can enter ICD Portal to invest its excess cash with greater confidence and precision. Through ICD Portal, teams access and research over 300 funds, analyse underlying credit and bank exposures, and execute trades across 30 fund families using a single ticket. Investment data then flows back into Trovata to automatically update forecasts. 

“Speed and automation are becoming a requirement to proactively manage liquidity and risk in today’s environment,” says Brett Turner, founder and CEO of Trovata. “Treasurers and CFOs can’t afford to get caught flat footed these days with how fast things can change, and the pandemic has been a devastating wake-up call for all of us that digital transformation in finance and treasury is paramount.”

“Our common clients are the big winners in this integration effort,” commented Tory Hazard, CEO of ICD. “The beauty of the workflow between ICD Portal and Trovata’s API platform is that clients don’t have to do anything to gain these efficiencies - it’s turnkey.”


MetaViewer AP automation tool approved for Microsoft integration

Metafile Information Systems, a provider of paperless automation software, has announced that its MetaViewer Document Management accounts payable (AP) automation solution has been approved by Microsoft AppSource for its Microsoft Dynamics 365 Business Central integration.

Microsoft Dynamics 365 Business Central is a business management solution designed for small and medium-sized organisations and offers increased financial visibility, streamlined processes, intuitive charts with data updated in real-time and an end-to-end view of the supply chain for more strategic business decision-making.

Business Central and MetaViewer brings businesses paperless automation and robotic process automation (RPA) technology merged with Dynamics 365 in the cloud. The integration is designed to increase visibility, boost productivity and enable remote workforces through cloud-based AP automation.


COVID-19 fast-tracking UK corporate digital transformation

The coronavirus pandemic has accelerated the rate of digital transformation taking place within UK businesses, research from Studio Graphene has found. 

The London-based tech developer commissioned an independent survey among over 500 decision-makers within UK businesses. Half (50%) said their company has been incentivised by the pandemic to improve its digital infrastructure. According to 45% of businesses, the onset of COVID-19 has resulted in the most radical digital transformation in their history. 

Since the start of the lockdown in March 2020, 50% of businesses have adopted new technology solutions that they were previously hesitant or reluctant to use. Almost two-thirds (64%) said the pandemic has encouraged their business to explore and deploy digital solutions much faster than they would have otherwise. The survey found that 47% have successfully migrated their offering from in-person to online; 39% have invested in a new area of technology that they had never used before; and 22% have launched a new app. 

Almost half (48%) of decision-makers said the pandemic has exposed how outdated their business was in the use of technology, with 45% admitting that their risk-averse company culture has typically made it difficult to innovate and embrace new ideas. 

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