The collaboration will introduce two new solutions, J.P. Morgan Treasury Workstation and J.P. Morgan Multibank Reporting, both powered by Trovata’s technology, Trovata said in a Tuesday (Oct. 17) press release.
This partnership will make J.P. Morgan the first bank to offer clients real-time data, connectivity and onboarding across multiple banks through a single application programing interface (API). As enterprise companies manage cash and liquidity across multiple banks and accounts, this collaboration aims to provide them with better visibility, insights and control, Trovata said.
Traditionally, banks have relied on legacy systems and outdated software for financial information exchange and treasury management. However, Trovata is leveraging the trend of digital transformation and APIs to create a single platform that provides finance teams with actionable information at the pace of business, per the release.
Lisa Davis, global head of digital channels and connectivity at J.P. Morgan Payments, expressed excitement about the partnership, stating that it will provide clients with real-time access to deeper insights into their cash flows, enabling smarter business decisions.
Brett Turner, founder and CEO of Trovata, highlighted his company’s role as a tech platform bridging the gap for banks like J.P. Morgan. By automating payments workflows, Trovata aims to help banks better serve their clients and meet the increasing demand for faster and more efficient payment processes.
The two solutions, J.P. Morgan Treasury Workstation and J.P. Morgan Multibank Reporting, have been successfully piloted with clients over the past several years. The collaboration also enables J.P. Morgan and Trovata clients to automate high-volume batch processing using Trovata’s multi-bank API platform. This announcement represents a deepening of the partnership between J.P. Morgan and Trovata, which began in 2018 when J.P. Morgan led Trovata’s seed funding round.
Trovata’s partnership with J.P. Morgan is not its only collaboration with a bank.
“The newly enhanced relationship enables PNC’s and Trovata’s business clients to make transfers and send payments via ACH, wire and RTP, using API integrations, thus eliminating the need for a third-party intermediary,” Trovata said in the release at the time.
The integration uses Trovata’s API-based payment experience to offer a “streamlined, automated end-to-end money movement experience” for both Trovata subscribers and PNC’s commercial and corporate banking clients, according to the release.
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