Trovata Selected as Strategic Cash Positioning and Forecasting Tool
SAN DIEGO, CA / ACCESSWIRE / October 19, 2021 / Trovata, a leader in automating cash reporting and forecasting through wholesale, multi-bank API data aggregation, announced today a global marketing agreement with Wells Fargo. Through this partnership, Wells Fargo will roll out Trovata as its strategic cash positioning and forecasting tool. As part of Trovata's cash automation platform, Wells Fargo's commercial and corporate banking clients will be able to access balances and transactions in real-time through the integration of the award-winning Wells Fargo API Gateway.
"Trovata merges Wells Fargo's robust product suite with the speed our customers expect," said Reetika Grewal, EVP, Head of Digital for Commercial and Corporate & Investment Banking for Wells Fargo. "Through this partnership, we are helping our CB and CIB clients manage their business by giving them access to market leading cash positioning and forecasting tools, whether at the office or on the go."
Trovata is natively built on open banking, having pioneered fast-connecting direct API integrations for wholesale banking that streamline setup and deployment times with no IT support required. This allows Trovata to power its web and mobile apps that automate multi-bank cash reporting, reconciliation, g/l entry, cash flow analysis, and cash forecasting. Trovata's new referral partnership with Wells Fargo will accelerate its expansion.
Another important milestone in the partnership with Wells Fargo was Trovata's ability to secure SOC-2, Type II certification in Q1. The certification shows a continued maturation of Trovata's security and compliance processes to be as secure as the banks it helps support.
In January 2021, Wells Fargo's Strategic Capital group led Trovata's Series A funding round. "We are thrilled about our growing relationship with Trovata-- initially as an investor and now as a product referral partner," said Basil Darwish, Managing Director of Wells Fargo Strategic Capital. "Trovata's open-banking platform provides a unique, client centric approach to automating treasury services, which aligns greatly with our own treasury offerings."
"Wholesale banking APIs are game changing for automating cash work flows. Corporate finance and treasury teams spend countless hours handling bank files and normalizing data using Excel as a system of record. Trovata has become a global, multi-bank data platform for next-gen online banking that's ideal for every company that believes 'cash is king'," said Brett Turner, Founder & CEO for Trovata. "We're thrilled to be working with the Wells Fargo team."
Trovata makes it easy for businesses to automate cash reporting, forecasting, and analysis. By bridging the gap between banks and accounting systems, Trovata is helping companies gain powerful insights into their cash flows that drive better and quicker business decisions. Today, Trovata is helping companies transform finance and treasury operations using open banking and machine learning. With direct APIs with most major banks, new clients can set up in a few hours. Trovata is based in San Diego, CA.
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is the leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 37 on Fortune's 2021 rankings of America's largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
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