SAN DIEGO, CA / ACCESSWIRE / February 9, 2021 / Trovata, a leader in automating cash workflows using direct bank APIs for wholesale, multi-bank data aggregation, announced today the launch of its new EnterpriseTreasury Cloud product - a fully managed data lake with a robust developer portal for bank balances and transactions at scale. Enterprise 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 Enterprise 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 Enterprise Treasury Cloud provides:
Superior Performance: A treasury reconciliation module with automated reporting and alerts, analytics and real-time processing, large volume data searching and indexing, and expansive metadata.
Data Integrity: A manifest API and infrastructure that monitors the data environment for synchronization issues with their internal databases.
Best-In-Class Technology: IT organizations can fast track data transformation initiatives by leveraging pre-built integrations with existing tools in their finance ecosystem built on custom data mapping provided by Trovata.
Developer Experience: Engineers can leverage the developer experience to register applications with the Trovata Platform, entitle data access to specific accounts for each application, entitle API access to specific APIs for each application, review API documentation, and utilize code gen tools for rapid onboarding.
"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 Enterprise 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.
View source version on accesswire.com: