Trovata, which claims to be the global “leader” in bank APIs and cash management, recently announced the first generative AI entrant in the fintech space.
Trovata AI leverages OpenAI’s ChatGPT technology “to accelerate the company’s vision of automating cash workflows and business intelligence for corporate finance, accounting, & treasury departments.”
The company is “rolling out a beta of Trovata AI to select customers beginning in May.”
Trovata is “backed by J.P.Morgan, Wells Fargo, and Capital One and has become the fastest-growing treasury platform in the U.S.”
It reportedly “manages over $100 billion in cash for hundreds of mid-market & enterprise customers, including Square, Eventbrite, and Krispy Kreme.”
The company is “redefining how companies manage their cash, working closely with banks using its own library of corporate banking APIs – the most extensive in the world.”
Customers use Trovata “to visualize cash balances, analyze cash flow trends, forecast liquidity, make payments, and invest excess funds – all through automation from bank and other financial data that it aggregates, stores, and manages.”
Brett Turner, founder and CEO of Trovata, said:
“The economic environment is rapidly shifting and finance teams are under more pressure than ever to provide business intelligence and manage their cash effectively, but they have few real tech-driven resources to help them do that. Trovata AI completely changes that, helping finance teams operate with great leverage and proactivity while still managing business risk.”
With the onset of generative AI providing unprecedented inspiration and automation to text-based tasks, it has “lacked an entry point into the finance industry due to fears of inaccuracies in financial modeling and mathematical calculation.”
Trovata has “developed a patent-pending formulation methodology for prompting that allows ChatGPT to take advantage of Trovata’s analytics and data APIs, while maintaining the security and privacy it’s known for.”
Its open finance platform “works in concert with OpenAI’s Large Language Model (LLM) to marry the power and breadth of answers that ChatGPT can provide with the pinpoint analytics accuracy from finance and treasury tools and context of actual bank and other financial data it aggregates, stores, and manages for its customers.”
The new Trovata AI feature “enables customers to complete financial scenario planning, answer complex financial questions or compile financial reports, all nearly instantaneously. ”
Trovata customers will be able to ask Trovata AI open-ended and complex questions such as:
- Give me a report showing all of my company’s cash outflows by cash flow type.
- Provide me with a list of cash inflows in US$ greater than $10,000 for the past month in descending order.
All while continuing to interact with the conversation as if speaking to a live person with follow up questions like:
- Can you reformat the data to be rounded to the nearest whole?
- Put the table into a stacked bar chart.
While these tasks could take hours of manual work, Trovata AI will reportedly “complete them in seconds.”
The company plans “to continue to iterate on the product and make use of its Machine Learning (ML) capabilities to accelerate improvements over time.”
As noted in the update, Trovata claims that it “makes it easy for businesses to automate cash reporting, forecasting, analysis, and money movement.”
By bridging the gap between banks and accounting systems, Trovata helps companies “gain powerful insights into their cash flows and facilitate better and quicker business decisions.”
As an end-to-end fintech platform for managing cash, Trovata collaborates “with the world’s largest financial institutions to deliver next-gen banking services.”
Trovata is “based in San Diego, CA.”