Truist Bank Partners With Trovata to Enhance Liquidity Management

Truist Bank has partnered with Trovata, a provider of bank application programming interfaces (APIs) and enterprise cash management services, to enhance cash forecasting and liquidity management for its commercial and corporate clients. 

This collaboration will provide 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, the companies said in a Tuesday (Oct. 24) press release.

Trovata’s platform offers Truist clients better visibility and insights into their multi-bank account balances and historical cash flows, according to the release. The projections provided by Trovata will automate cash forecasting.

Trovata’s platform is also offering artificial intelligence (AI) capabilities, known as Trovata AI, the release said. This generative AI app is designed for finance and treasury teams, and securely leverages multi-bank data to manage and analyze cash flows.

There is increasing demand for immediate and integrated insights that enhance financial planning capabilities, Chris Ward, head of wholesale payments at Truist, said in the release.

“Providing access to solutions that deliver greater visibility and enable better decision-making is one of the many ways Truist serves as a trusted payments partner for our clients,” Ward said.

Trovata allows clients to manage their cash more efficiently and gain insights into their cash flows by acting as a multi-bank intermediary between banks and a company’s finance stack, per the release. The FinTech company said it has achieved global scale aggregating corporate banking data through APIs.

“Real-time insights, automation and AI are revolutionizing the way companies manage cash, liquidity and operational efficiency,” Trovata Founder and CEO Brett Turner said in the release.

PYMNTS Intelligence has found that companies in both the retail trade and manufacturing industries are upgrading their technology to better forecast and manage liquidity.

For example, among those who have already invested in liquidity forecast and management applications, 38% of retailers and 46% of manufacturers plan to continuing investing in upgrades. Among those who did not invest in these functions in the past, 42% of retailers and 31% of manufacturers plan to do so now or soon, according to “Payments Technology’s Future: Retailers, Manufacturers Seek Better Workflows,” a PYMNTS and Corcentric collaboration.

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