Trovata Expands PNC Treasury Management Partnership

Open banking platform Trovata has expanded its relationship with PNC Treasury Management to give customers integrated payment processing capabilities.

The company, which helps businesses automate cash reporting, forecasting, analysis and money movement, announced the updated partnership in a news release Tuesday (June 27).

“The newly enhanced relationship enables PNC’s and Trovata’s business clients to make transfers and send payments via ACH, wire and RTP, using [application programming interface (API)] integrations, thus eliminating the need for a third-party intermediary,” Trovata said in the release.

The new integration uses Trovata’s API-based payment experience to offer a “streamlined, automated end-to-end money movement experience” to both Trovata subscribers and PNC’s commercial and corporate banking clients, according to the release.

“We understand that business’ treasury needs have evolved, which is why we remain committed to making strategic technology investments to address complex business needs and create seamless integrations with our treasury platform,” said Howard Forman, senior vice president and head of digital channels for PNC Treasury Management, in the release. “Our expanded relationship with Trovata is further proof of this commitment, as this integrated payment experience will support our clients’ desires to increase automation and optimize their payments processes.”

The partnership also lets PNC and Trovata clients automate high-volume batch processing by using Trovata’s multi-bank API platform, allowing joint customers to use a single API to build and manage workflows with multiple banking partners, the release said.

“We’re bridging the gap as a tech platform to help banks, like PNC, better serve their clients by automating payments workflows,” said Trovata founder and CEO Brett Turner.

PYMNTS looked at the advantages of payment automation Tuesday in a conversation with three experts in the field.

Among them was Branch Chief Financial Officer Brian Whalen, who said businesses are seeking key strategic partnerships to make their payments as fast as possible.

Zumiez treasurer Graham Merrill pointed out that payments automation could help businesses greatly simplify payment procedures involving complex additions such as royalties and licensing.

“At the end of the day, [automated] systems really help transform [accounts payable (AP)] from more of a processing function to a customer service and other analysis functions within the company,” he said.

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