Trovata Introduces Embedded Banking Solution for Corporate Bank Accounts

Trovata has introduced an embedded banking solution designed for corporate bank accounts.

The new Multibank Connector includes an extensive library of direct-to-bank application programming interfaces (APIs) to power financial services worldwide, the provider of corporate banking APIs said in a Wednesday (June 26) press release.

“APIs are the modern building blocks for digital transformation, and yet corporate treasury globally still runs on legacy sFTP services with file formats from the ’80s,” Brett Turner, founder and CEO of Trovata, said in the release.

Trovata has been using its platform to help mid-market and enterprise customers manage cash and liquidity since 2018. Now, the company is making its APIs available to banks, enterprise resource planning systems (ERPs), treasury management systems (TMSs) and other financial software providers, according to the release.

The company’s connectivity experience for corporate bank accounts is low-code, embeddable and self-service, the release said.

The Multibank Connector handles client onboarding and consent; ensures data quality, accuracy, completeness and security; and can process billions of bank transactions in milliseconds, per the release.

With these APIs, commercial and corporate banking clients can access account balances and transactions and move money in real time, according to the release.

“Cloud-native infrastructure, along with bank APIs that provide rich metadata, enable deeper intelligence and automation,” Turner said in the release. “With Trovata, treasurers are using AI to better manage risk, controllers are automating reconciliation and CFOs are discovering that bank transactions labeled by cash flow type at scale are a powerful financial operating tool to improve capital efficiency.”

In October 2023, Trovata partnered with Truist Bank to help the bank enhance cash forecasting and liquidity management for its clients. That collaboration provides Truist clients with improved access to Trovata’s cash management platform, allowing them to modernize their cash positioning and forecasting workflows through data-driven automation.

Also in October, Trovata teamed up with J.P. Morgan to streamline treasury management for that bank’s corporate investment banking customers. With this collaboration, J.P. Morgan offers its clients real-time data, connectivity and onboarding across multiple banks through a single API. For enterprise companies managing cash and liquidity across multiple banks and accounts, this solution provides better visibility, insights and control.