Enterprise cash management fintech Trovata has partnered with JPMorgan to provide the lender’s corporate investment banking customers with a new level of automation for the office of the CFO, the firm announced Tuesday.

JPMorgan Treasury Workstation and JPMorgan Multibank Reporting — the two new solutions powered by Trovata that have been piloted with clients over the past several years aim to streamline multi-bank cash visibility and management.

JPMorgan Treasury Workstation will enable corporate clients to access Trovata’s multibank treasury management software through the lender. JPMorgan Multibank Reporting will enhance the bank’s current SWIFT-based multibank reporting solution by opening up artificial programming interfaces-based multibank connections, allowing more real-time reporting.

The Society for Worldwide Interbank Financial Telecommunications, known as SWIFT, operates most of the money and security transfers worldwide.

“Our partnership with Trovata creates incredible value for our clients, providing real-time access to powerful insights into their cash flows, which enables smarter business decisions,” Lisa Davis, global head of digital channels and connectivity at JPMorgan Payments, said in a statement. “Corporate treasury is long overdue for this kind of innovation.”

The partnership will help JPMorgan be the first bank to provide clients with real-time data, connectivity and onboarding across multiple banks using a single API, the fintech said.

“A key pain point in corporate banking is that enterprise companies have many banks and bank accounts. These accounts are always in a state of flux, so it’s virtually impossible for CFOs or treasury departments to quickly answer basic questions about the overall state of their business’s health,” CEO Trovata CEO Brett Turner told Banking Dive via email.

These products would enable JPMorgan corporate customers to instantly analyze their bank balances across all accounts, rather than visiting dozens of banking sites to get a comprehensive idea of a business’ available cash on hand, he pointed out.

“Trovata has the largest library of corporate banking APIs in the world, and its unique technology makes multi-bank data into a cohesive standard available through a self-serve connect-widget,” Turner said.

The two new solutions will leverage the APIs into a single platform delivering actionable data at the actual pace of commerce for JPMorgan’s corporate customers — ditching the decade-old slow and time-consuming process banks use, he said.

“There is absolutely a market demand for these kinds of products,” Turner said. “Banks want to do everything they can to make life easier for their customers and we are here to help.”

National Australia Bank announced a partnership with Trovata earlier this month to launch a new artificial intelligence-enabled cash management and forecasting platform.

According to Brian Graham, partner and co-founder of Klaros Group, with the ongoing importance of treasury management services to commercial customers, barring a return to zero interest rates and quantitative easing policies, banks serving the commercial sector will continue to require and desire such offerings.

“Banks focus on things that are priorities for their business. In the wake of the Fed rate increases and [Silicon Valley Bank/First Republic Bank], treasury management became much more important to commercial customers which suddenly needed to optimize both protection/security and yield.  So banks want to deliver what their customers want now,” Graham said.

Established in 2016, Trovata has been JPMorgan’s partner since 2018, when the Wall Street giant led the fintech’s seed funding round.

In June, Trovata partnered with PNC Treasury Management to offer business clients of both the firms to make transfers and send payments using API integrations, eliminating the assistance of a third party.

Last year, Trovata raised $27 million in a series B funding round led by Fin Capital with participation from JPMorgan Chase, Wells Fargo and Capital One.

Since the funding, “we have continued to invest in our people and our product,” Turner said.

In May, the firm introduced Trovata AI – the first generative AI finance and treasury tool in the fintech space, according to Turner. The tool utilizes OpenAI’s ChatGPT technology to boost the company’s vision of automating cash workflows and business intelligence for corporate finance, accounting and treasury divisions. The fintech has also opened offices in Amsterdam and London to support its growth in Europe, Turner noted.  

“We are really excited about the future. This is an important moment in corporate banking, and we will continue to enhance our tech offerings to help our customers meet the moment,” Turner said.