Bank API and enterprise cash management vendor, Trovata has launched two new solutions with JP Morgan Payments. JP Morgan Treasury Workstation and JP Morgan Multibank Reporting are the two new offerings, both powered by Trovata.
According to Trovata, the new solutions will revolutionise treasury management for the bank’s thousands of corporate investment banking customers. Through its expanded partnership, Trovata is enabling JP Morgan to become the first bank to provide its clients with real-time data, connectivity, and onboarding across multiple banks via a single API.
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Enterprise companies have many banks and bank accounts that are always in a state of flux. This makes it challenging to gain visibility, insights and control over managing cash and liquidity.
Corporate treasury teams still relying on dated legacy systems
For decades, banks have used legacy systems to exchange financial information and communicate with each other. However, this type of information sharing is slow. Trovata says that it adds unnecessary time and stress on lean finance teams.
Furthermore, many corporate treasury teams are using legacy software that can often be decades old to manage their treasury operations. As more banks start to develop APIs as part of their digital transformation, Trovata says that it is the only solution to leverage those APIs into a single platform. This enables actionable information to become accessible to finance teams at the actual pace of business. It adds that it represents a transformative opportunity for banks to offer a next-gen experience to their customers, streamlining multi-bank cash visibility and management.
“Our partnership with Trovata creates incredible value for our clients. It provides real-time access to powerful insights into their cash flows, which enables smarter business decisions,” said Lisa Davis, Global Head of Digital Channels & Connectivity, JP Morgan Payments. “Corporate treasury is long overdue for this kind of innovation.”
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By GlobalDataJP Morgan, Trovata partnership dates back to 2018
Both solutions have been successfully piloted with clients over the past several years. The latest announcement represents a further deepening of the JP Morgan and Trovata partnership. That dates back to 2018 when JP Morgan led Trovata’s seed funding round.
“Trovata has the largest library of corporate banking APIs in the world. More importantly, we’ve successfully normalised multi-bank data into a cohesive standard available through a self-serve, connect-widget,” said Brett Turner, Founder & CEO at Trovata.
“That, coupled with our fast-growing platform already serving hundreds of clients and JP Morgan’s large corporate client reach globally, is providing a modern alternative to the treasury management space that hasn’t seen innovation in 20+ years.”
