Cash management automation firm Trovata has rolled out Enterprise Treasury Cloud, a managed data lake with a formidable developer portal for bank balances and transactions, according to a Tuesday (Feb. 9) announcement.
The offering is intended for the business systems or information technology (IT) workforces of large companies to fuel digital transformation and digitize backend support for treasury, finance and accounting workforces internally, according to the announcement.
“With our new Enterprise Treasury Cloud, Trovata brings to life banking data from a complex network of global institutions into a common language providing resilience, scalability and extensibility,” Trovata CTO Joseph Drambarean said in the announcement.
The firm’s Enterprise Treasury Cloud offering enables IT organizations to expedite data transformation through integrations with their current finance technologies, using Trovata’s customized information mapping. It also provides a manifest API and system that watches over the data environment and pinpoints any synchronization challenges with internal databases, the release stated.
In addition, the offering provides a treasury reconciliation system with digitized reporting and notifications, insights and live processing, large-volume data querying and indexing, and broad metadata. Engineers can also harness the developer experience to register programs with the Trovata platform, allow data access to certain accounts for each program, allow access to certain APIs for each program, look over API paperwork and harness code-gen technology for quick onboarding.
Beyond helping their companies navigate an economic downturn, treasury departments are also securing a place at the decision-maker’s table to provide higher-level guidance. As firms make changes to their business models and bring risk mitigation to the forefront, the corporate treasury provides a valuable, forward-looking perspective into financial futures. Data fuels these elevated responsibilities – but even amid the pressure to digitize, a number of companies still depend on manual workflows, creating silos that prevent the enterprises from comprehending cash positions now and in the future.