Leading Mobile Payments Provider Reinvents Treasury Back Office with Bank Data Lake
New Trovata Enterprise Treasury CloudTM️ future-proofs mobile payment provider’s data strategy.
Over the past year, Trovata has partnered with the Treasury and IT departments of the world’s leading mobile payment provider to develop a big data platform to improve its cash data quality, latency, and reliability. This revolutionary payments company has earned millions of daily users with their portable point-of-sale (POS) terminals, payment gateways, and payment processing solutions for large and small businesses worldwide. Since 2009, the company has grown into one of the world’s largest payment processors, generating $5B in annual revenue and processing over $100B in payments volume.
Headquarters
San Francisco, CA
Founded
2009
Company Size
5,000–10,000
Industry
Finance
Challenges
The infrastructure of traditional treasury management systems made it incredibly complex to consolidate and normalize millions of transactions across the company’s 20 banks with hundreds of accounts. TMS data structure was fragmented and inflexible, making centralization, performance and external integrations a serious challenge. The firm’s complex and global operations span over 20 banks with hundreds of accounts, with payment capabilities that draw enormous volumes of transactions. However, traditional TMS infrastructures, that rely on SWIFT MT940 statement transfers, struggled to support its growth within the fintech landscape as data transfers between their banks and TMS were not instantaneous.
As well, the old data structure was fragmented and inflexible, making centralization, performance and integrations an incredible challenge.
The company’s finance leadership knew they needed a solution that would not only meet its treasury operations needs, but also supported the broader demand for data integrity and availability in time.
Solution
Trovata’s rapidly implemented cloud- based solution, Enterprise Treasury CloudTM, empowered the organization with instant cash visibility across millions of transactions, up-to-the-minute global cash balances, and daily-time analytics.
The organization now has an intelligent bank data lake that acts as a single source of truth for all cash data across all teams.
With scalable, open banking APIs, the IT team has a flexible, full-fledged developer experience to serve the growing application development needs of internal teams beyond treasury.
Trovata developed a turnkey, industry-specialised enterprise cash management platform for the payments leader.
Trovata’s IT team worked directly with the company to build custom, open banking APIs that consolidates and normalizes transaction data across all of its accounts- without ever alternating the original dataset. The organization now has an intelligent bank data lake that makes it easier than ever to monitor, analyze, and automate their cash workflows, giving their employees mastery of outbound payments and inbound banking data.
Flexible and scalable APIs provide their IT team with a full-fledged developer experience, empowering them with an extensible platform that easily integrates with a growing number of tech providers. Being able to integrate their cash management platform directly to their financial close software and ERP systems profoundly improved their ability to complete bank reconciliations and analyze business performance.
By providing a centralized bank data lake as a fully-managed service with enterprise SLA and support, Trovata has removed the burden of data maintenance and quality assurance and has freed the company’s IT to focus on core operations that are more strategic to the business.
Results
- The business saved nearly $1 million in annualized costs over two years with Trovata’s Enterprise Treasury Cloud™.
- The accounting team has saved 5 hours per day thanks to Trovata’s Natural Language Search and transaction tagging.
