Australia’s NAB partners with US fintech Trovata on next-gen cash management solutions
NAB has delivered a breakthrough treasury solution to customers with the launch of a new AI-enabled cash management, analytics and forecasting platform, NAB Liquidity+. The platform is powered by Trovata, a NAB Ventures portfolio company.
NAB Liquidity+ will empower corporate customers to bring together their critical banking data, providing comprehensive and real-time visibility of their cash positions and delivering dynamic cash insights and precision forecasting.
NAB Executive for Transaction Banking, Jonathan Adams, said the bank’s ambition is to make banking fast, secure and simple for customers.
“Many of our corporate clients’ treasury and finance teams were grappling with large volumes of fragmented data to manually reconcile and compile cash flow analysis in spreadsheets, and we were determined to deliver a better solution,” Adams said.
“NAB Liquidity+ is a cutting-edge digital platform that can drive cash and liquidity benefits, improve capital management, support working capital initiatives and generate long-term financial confidence for customers.
“We recognise most large corporates have more than one banking partner and we didn’t want this to be a limitation, which is why we’ve partnered Trovata, a global leader in bank APIs and enterprise cash management.”
Trovata’s AI-based technology eliminates time-consuming manual tasks and enables treasury teams to create and distribute accurate, real-time financial information to company stakeholders. The platform’s integration features allow customers to securely access both NAB and third-party bank accounts to consolidate cash flow data at a group level, improving visibility and control.
Trovata Founder and CEO Brett Turner said today’s finance and treasury teams are expected to do more than ever, all while navigating smaller budgets and fewer resources.
“There is a strong need for automation so that they can spend less time in spreadsheets and more time as strategic advisors for their businesses. Smart banks – like NAB – know this and are innovating to make their customer’s lives easier,” Turner said.