National Australia Bank taps US fintech Trovata to launch new treasury solution
National Australia Bank (NAB) is launching a new digital corporate cash management, analytics and forecasting platform powered by the artificial intelligence (AI) technology of its partner and portfolio company, Trovata.
NAB partners Trovata for corporate treasury solution
NAB Liquidity+ aims to improve capital management and support the working capital initiatives of the bank’s corporate clients with features including real-time cash position visibility and precision forecasting.
Jonathan Adams, NAB executive for transaction banking, says the solution seeks to mitigate the challenges faced by finance teams “grappling with large volumes of fragmented data” in their cash flow analysis efforts.
He also attributes the “limitation” of large corporates having more than one banking partner as a driving factor for the platform’s development.
For the new offering, NAB has partnered up with Trovata, an automated cash management platform headquartered in San Diego, California. The agreement also follows the participation of NAB Ventures in the fintech’s $27 million Series B of June 2022.
The pair say that operating the bank’s treasury solution with Trovata’s AI-based technology and APIs will afford finance teams the ability to access bank account information from both NAB accounts and third parties, consolidating cash flow insights at a group level and ensuring the accuracy and control of financial information.
Speaking on the partnership, Trovata founder and CEO, Brett Turner, recognises the “strong need” for automation among finance teams and a desire across the field to “spend less time in spreadsheets and more time as strategic advisors”.
