This week, Trovata, a provider of corporate banking APIs, launched Multibank Connector, which includes what the company claims is the most extensive library of direct-to-bank APIs to power financial services worldwide.
Much like data aggregation solutions contributed to the rise of fintech in consumer banking, Trovata now offers a low-code, embeddable, self-service connectivity experience for corporate bank accounts. Backed by corporate and institutional banks, Trovata’s API platform provides a method to access balances, transactions, and payment rails.
Trovata offers a data transport layer for corporate multibank connectivity. As a fully managed service, the Multibank Connector handles client onboarding and consent, and includes features to ensure data quality, accuracy, completeness, and security. These features include built-in reconciliation with automated self-healing, unlimited data storage, and a modern infrastructure that can process billions of bank transactions in milliseconds.
“APIs are the modern building blocks for digital transformation, and yet corporate treasury globally still runs on legacy sFTP services with file formats from the ’80s,” said Brett Turner, founder and CEO of Trovata. “Cloud-native infrastructure, along with bank APIs that provide rich metadata, enable deeper intelligence and automation. With Trovata, treasurers are using AI to better manage risk, controllers are automating reconciliation, and CFOs are discovering that bank transactions labeled by cash flow type at scale are a powerful financial operating tool to improve capital efficiency.”
Founded in 2018, Trovata has facilitated access to banking APIs, working with banks globally to democratize broader use. Trovata said this led to early adopter banks becoming partners and investors.
Trovata initially used its platform to create a next-gen user experience for managing cash and liquidity for hundreds of mid-market and enterprise customers, it is now making its APIs available to banks, ERPs, treasury management systems (TMS), and other financial software providers to power a broader partner ecosystem.
In the past five years, many of the largest financial institutions have started developing API programs for their commercial and corporate banking clients. These APIs allow clients to access account balances and transactions directly and move money in real time. However, unlike the rapid adoption of APIs in retail banking for consumers and small businesses with less than $10 million in annual revenue, the rollout for larger companies has been much slower. This is due to banks’ outdated core infrastructure and stricter security and regulatory requirements, making APIs in wholesale banking for mid-market and enterprise companies difficult to connect to and use.
