PNC Treasury Management Debuts AI/ML-Equipped Cash Forecasting App

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PNC Treasury Management on Tuesday (Nov. 9) debuted a cash management app called PINACLE Cash Forecasting, which uses artificial intelligence (AI) and machine learning (ML) technology to give companies an automated look at their financial futures.

“We know that our clients rely on us to provide innovative solutions and tools to help them be successful and keep their businesses running smoothly,” said Chris Ward, executive vice president and head of data, digital and innovation for PNC Treasury Management, in the company announcement. “Removing complexities and obstacles for ongoing tasks is central to our work, and we know PINACLE Cash Forecasting will be a critical resource for our clients as they continue to operate in disrupted working environments.”

The PINACLE Cash Forecasting app lets users see their financial picture across their entire portfolio, pulling data from their treasury management or enterprise resource planning systems, or from the company’s information reports from the previous day. The app is customizable, allowing customers to create forecasts based on their specific business needs, structure, seasonality and revenue cycle.

PINACLE Cash Forecasting leverages AI and ML to train five models to create the most accurate model based on the client’s historical data. The module can be updated every day to generate a 31-, 60- or 90-day rolling forecast to predict future cash flow, plan for the gap or surplus, and gain better insight into cash positions in various situations. It also holds onto previous forecasts and performs back-tests to show the accuracy of those forecasts.

Related news: PNC Integrates With Akoya Data Access Network for Financial App Security

In September, PNC Bank and Akoya LLC integrated the bank on the Akoya Data Access Network, which means PNC customers can share their financial data with FinTechs and data aggregators through Akoya’s application programming interface (API) network.

Through the integration, PNC customers give permission through Akoya to share their account information with financial apps with no usernames and passwords, and can monitor and deny access to FinTechs and data aggregators in the Akoya Data Access Network.