Partnership formed between Trovata and JPMorgan, aimed at streamlining treasury management processes
In a significant move for the commercial sector, Trovata, an enterprise cash management fintech, has partnered with JPMorgan to provide a new level of automation for the office of the CFO. This partnership aims to help JPMorgan be the first bank to provide clients with real-time data, connectivity, and onboarding across multiple banks using a single API.
Brian Graham, partner and co-founder of Klaros Group, has stated that treasury management services will continue to be important for banks serving the commercial sector. This partnership between Trovata and JPMorgan aligns perfectly with this sentiment.
Trovata, known for having the largest library of corporate banking APIs in the world, brings its unique technology to the table. This technology makes multi-bank data into a cohesive standard available through a self-serve connect-widget.
Last year, Trovata raised $27 million in a series B funding round, with JPMorgan Chase, Wells Fargo, and Capital One participating. Since then, the company has continued to invest in its people and product.
Notable partners of Trovata include J.P. Morgan, Wells Fargo, Capital One Ventures, Mastercard, PNC Treasury Management, and most recently, National Australia Bank. These partners are expected to utilize Trovata's new solutions, such as the JPMorgan Treasury Workstation and JPMorgan Multibank Reporting.
The JPMorgan Treasury Workstation will enable corporate clients to access Trovata's multibank treasury management software through the lender. JPMorgan Multibank Reporting, on the other hand, will enhance the bank's current SWIFT-based multibank reporting solution by opening up artificial programming interfaces-based multibank connections.
In May, Trovata introduced Trovata AI - the first generative AI finance and treasury tool in the fintech space. This tool automates cash workflows and business intelligence for corporate finance, accounting, and treasury divisions, using OpenAI's ChatGPT technology.
Trovata's latest moves, including the opening of offices in Amsterdam and London to support its growth in Europe, underscore its commitment to innovation and expansion. The company's partnerships, funding, and technological advancements are set to make a significant impact on the treasury management landscape.
