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Trovata brings next-gen banking to Australia

Friday, December 08, 2023 — 13:05:30 (EST)

SAN DIEGO, Dec. 7, 2023 /PRNewswire/ -- Trovata, the global leader in bank APIs and enterprise cash management, announced it's bringing the company's revolutionary cash management system to Australia. National Australia Bank (NAB) and Trovata have partnered to bring NAB Liquidity+, a product powered by Trovata, to the bank's corporate customer base. Trovata's AI-based technology ensures its bank partners are able to actually meet the demands of their customers, who are facing unprecedented pressures in a rapidly evolving economic environment.

"Finance teams have always been expected to continuously manage account data scattered across various banks and then manually build and maintain cash flow reporting and forecasting models in spreadsheets," said Brett Turner, Founder and CEO at Trovata. "But this is slow and terribly inefficient. NAB acutely understands the need for automation in finance and treasury. With NAB Liquidity+, teams get bank balances and transactions data seamlessly integrated in a platform that automates a lot of their cash management workflows, that includes cash positioning, cash flow analysis, and forecasting."

In today's finance and treasury departments, so much time is wasted on compiling, processing, and normalizing financial data, just so team members can do their jobs. The back office function of the CFO is the last to see automation, held back by legacy software, lack of bank and system connectivity, and a myriad of spreadsheet workarounds. But digital transformation is finally here. Built on modern cloud-native infrastructure and the largest network of corporate banking APIs in the world, Trovata lets finance and treasury teams manage cash with unparalleled speed, accuracy, connectivity, and scalability.

NAB Liquidity+ assists the bank's corporate customers with priorities like cash flow forecasting and liquidity management, along with other cash management needs. Further details on the partnership include:

AI-powered solutions for account data matching, reporting and cash flow analysis. An easily accessible, single sign-on (SSO) enabled integration, allowing customers to access both NAB and third-party bank accounts to consolidate cash flow data at a group level, improving visibility and control.

Additionally, Trovata AI, the first generative AI app for finance and treasury teams, will be made available for free to all NAB customers. NAB Ventures Managing Director, Amanda Angelini, said it was exciting to see the relationship with Trovata evolve with the launch of NAB Liquidity+, which is already delivering real cost and time savings for some of our largest corporate customers.

"We invested in Trovata in 2022 knowing their treasury platform and AI capability could solve a significant customer need and the feedback from early adopters is already overwhelmingly positive," she said. "The immediate success of NAB Liquidity+ is a great example of the mutual benefits that come from strategic investing and we look forward to supporting the Trovata team as they continue to grow and innovate in the rapidly expanding digital and open banking market."

To learn more about how Trovata can empower next-level corporate treasury solutions for your company, please visit www.trovata.io

About Trovata: Trovata makes it easy for businesses to automate cash reporting, forecasting, analysis, and money movement. By bridging the gap between banks and accounting systems, Trovata helps companies gain powerful insights into their cash flows and facilitates better and quicker business decisions. As an end-to-end fintech platform for managing cash, Trovata collaborates with the world's largest financial institutions to deliver next-gen banking services. Trovata is based in San Diego, CA.

About National Australia Bank:

At National Australia Bank (NAB) Group, relationships are our strength. We exist to serve customers well and help communities prosper, with more than 35,000 colleagues at the bank, serving more than 10 million customers who rely on us to deliver secure, easy and reliable banking services. Approximately 96% of the Group's workforce are in Australia and New Zealand, while others work in London, New York, Paris and parts of Asia. NAB is proud to be Australia's largest business bank. We stand by our customers, and they have our ongoing support.

Media Contacts:

Rida Khan, rida.khan@trovata.io

SOURCE Trovata

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Source: Company press release.