Truist Bank announced the beginning of a partnership with Trovata, which is a provider of banking application software interfaces (APIs) and corporate cash management services.
Within the framework of this cooperation, a financial institution and a firm providing fintech solutions intend to improve cash forecasting and contribute to improving the quality of liquidity management for their consumers belonging to the categories of corporate and commercial clients.
As a result of this partnership, the bank’s customers will be provided with upgraded access to the money management platform developed by Trovata. In this case, consumers will be given the opportunity to modernize cash placement and forecasting workflows through the use of database-based automation tools. The relevant information is contained in the joint press release of the partnership participants, which was published last Tuesday, October 24.
The Trovata platform provides financial institution clients with benefits such as improved visibility and representation of multibank account balances and cash flows. Also, in this case, cash forecasting automation is available to consumers.
Another advantage of the Trovata platform is the ability to use artificial intelligence tools. The press release states that the Trovata AI app, developed for financial departments and the Treasury, engages arrays of information from several banks to improve the quality of management and analysis of cash flows.
Chris Ward, head of wholesale payments at Truist, says that there is currently an increase in consumer demand for immediate and integrated data, which is expanding financial planning capabilities.
As we have reported earlier, U.S. Bank Launches Avvance Installment Payment Tool.