FloQast, a self-described accounting transformation platform, announced it has partnered with Trovata, the corporate banking connectivity provider, to give customers a better way to connect bank data to the FloQast platform. With FloQast’s Trovata-enabled Bank Connector, teams are able to automate bank transaction uploads, enhance reconciliations with FloQast AI Transaction Matching, and close the books more precisely.
FloQast users no longer need to have to manually download bank statements or depend on spreadsheets. Trovata’s platform reportedly automates the aggregation of bank data into FloQast, “saving time and ensuring data accuracy.”
And since the Trovata integration is set up within the FloQast platform, there is no “need for additional logins or switching between systems.”
The result is an integration solution that enables a more consistent data flow.
Trovata is the cloud-native data platform developed on APIs and AI to manage cash and liquidity. It reportedly has one of the largest libraries of open banking APIs, offering more direct connectivity to banks and SWIFT’s network of FIs. As a managed service, its data pipelines add security, intelligent routing, along with quality assurance.
Getting started with FloQast’s is said to be straightforward. The setup process is kicked off in FloQast and managed by Trovata as a service to ensure a frictionless and quick integration of bank data.
The solution addresses various challenges, like manual uploads, inconsistent file formats, and security risks that are typically associated with transferring sensitive details.
For clients using Trovata’s full treasury platform, outbound connectivity to FloQast is described as an out-of-the-box integration—making it simpler to further extend the value of Trovata’s real-time bank data into the FloQast platform.
As explained in the announcement, FloQast enables organizations to automate a range of accounting operations. Claiming to be trusted by global accounting teams – such as Twilio, Los Angeles Lakers, Zoom, and Snowflake – FloQast says that improves the manner in which accounting teams operate, allowing clients to automate close management, account reconciliations, accounting operations, compliance activities.
With FloQast, teams are able to leverage the advancements in AI technology in order to effectively manage various aspects of the close, lower their compliance burden, remain audit-ready, and enhance overall accuracy, visibility, as well as collaboration.
