FinTech firm Trovata and NAB, a major player in the banking sector, have recently announced their new partnership.
Trovata specialises in revolutionary cash management systems, while NAB is renowned for its extensive corporate banking services.
The partnership aims to introduce NAB Liquidity+, a product powered by Trovata, to NAB’s corporate customer base. This collaboration is designed to meet the increasingly complex demands of customers in a dynamic economic landscape.
Trovata is at the forefront of integrating AI-based technology in banking, ensuring that its partners can effectively respond to customer needs. Their expertise lies in streamlining financial workflows through automation, thereby enhancing efficiency in cash management.
National Australia Bank (NAB) focuses on providing comprehensive banking solutions to its corporate clients. Their services are pivotal in areas like cash flow forecasting and liquidity management, crucial for modern businesses.
NAB Liquidity+ will leverage AI for enhanced account data matching, reporting, and cash flow analysis. The integration features a single sign-on system, offering customers a unified platform for managing financial data. Trovata AI, a pioneering generative AI app for finance teams, will be available for free to all NAB customers.
NAB Liquidity+ is set to bring significant cost and time efficiencies to corporate customers. This partnership marks a significant step in the digital transformation of finance and treasury departments.
NAB Ventures Managing Director, Amanda Angelini, expressed excitement over the Trovata relationship’s evolution with the launch of NAB Liquidity+. “We invested in Trovata in 2022 knowing their treasury platform and AI capability could solve a significant customer need and the feedback from early adopters is already overwhelmingly positive,” she said. “The immediate success of NAB Liquidity+ is a great example of the mutual benefits that come from strategic investing and we look forward to supporting the Trovata team as they continue to grow and innovate in the rapidly expanding digital and open banking market.”
Brett Turner, Founder and CEO at Trovata, highlighted the inefficiencies in traditional finance management. “Finance teams have always been expected to continuously manage account data scattered across various banks and then manually build and maintain cash flow reporting and forecasting models in spreadsheets,” he said. “But this is slow and terribly inefficient. NAB acutely understands the need for automation in finance and treasury. With NAB Liquidity+, teams get bank balances and transactions data seamlessly integrated in a platform that automates a lot of their cash management workflows, that includes cash positioning, cash flow analysis, and forecasting.”
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