Corporate Treasury – Digital Toolkit

Written by Trovata Team
May 1, 2020

Your Digital Toolkit

Today’s corporate Treasurers face the stress of managing risk, inefficiencies and exposure levels. They don’t have the time to waste on manual report generation, because their expertise is needed elsewhere. Luckily, treasury departments now have the option to embrace AI and cloud computing technology to better allocate their time.

In fact, according to The Global Treasurer, “Corporate treasurers are under constant pressure to deal with issues such as regulatory changes, increasingly demanding customers and continuing globalisation, making the job more pressured than ever. As a result, treasury departments are progressively turning to technology such as robotic process automation powered by artificial Intelligence (AI).”

corporate treasury


An API or application program interface is a type of virtual language that different systems can use to communicate with each other. APIs act like pipelines, sharing data in real time. With the adoption of APIs in banking, Treasurers now have access to high quality cash data, on demand. These new data pipelines allow specialized apps to offer services that streamline existing cash management processes. Cash management solutions can use API integration to provide clear and immediate cash visibility, aggregate and store historical bank data and even begin to automate treasury tasks that used to require substantial human intervention.

“APIs can handle routine tasks and workflows that would otherwise require manual work, freeing up resources to conduct more strategic tasks (e.g., forecasting).” – JP Morgan

Artificial Intelligence

Stanford Professor, John McCarthy, describes artificial intelligence as “…the science and engineering of making intelligent machines, especially intelligent computer programs.”

In the realm of cash management and banking, AI can be applied to the automation of the cash forecasting process. Artificial intelligence can eliminate much of the spreadsheet jockeying and streamline the process to minimize human intervention.

Machine Learning and Robotic Process Automation

With access to API data, third-party apps are making use of machine learning (ML)  and robotic process automation (RPA).

The development and integration of proprietary machine learning algorithms is changing the way corporate Treasurers view and create reports. These algorithms are taught to sift through data, look for financial trends, and do so free of human bias. Applications can now leverage ML algorithms to analyze historical data trends and integrate them into forecasts. Not only does this reduce the need for human intervention, but it makes the forecasts more accurate. This new wave of automated forecasting is enabling treasury departments to set realistic, data driven financial targets for their organizations.

Machine learning is not the only technology in the digital treasury toolkit. Robotic process automation is being used to create a virtual workforce. RPA uses existing software to complete repetitive tasks, and is beginning to eliminate the need for Excel; as RPA can automate much of the manually tedious data entry required to manage spreadsheet forecasts. Outside of forecasting, RPA technology is applied to normalize data coming in from different streams, like standardizing income reported in different currencies.

Cloud Computing

Building and maintaining a proper storage for vast amounts of financial data is something that most organizations do not have the time, or resources to tackle. As a result, many businesses that want to take full advantage of banking APIs, require a solution that aggregates, standardizes, and stores their data. This is where cloud computing storage meets AI, and API integration. Not only does new technology allow for third-party apps to gather and store your information. The addition of natural language search tools, enables members of the treasury team to easily search for and access specific data when they need it.

With all of the recent technological innovations in cash management, there is no reason for Treasurers to spend time on tedious and inefficient tasks. Instead, Treasurers should be leading their departments into the digital age, embracing AI, ML, RPA and cloud computing to increase departmental efficiency and accuracy.

Trovata is an industry leader, using API integration to automate cash management processes. Trovata provides Treasurers with a customizable dashboard complete with a total, real-time view of their cash flows, and an automated forecasting module that integrates proprietary machine learning algorithms. Trovata makes it easy to access, view and analyze your cash data.

Ready to get started? Book a demo today!

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