How Digital Transformation Empowers Efficient Data Management – Square’s Story

Written by Keegan Chamberlin
August 3, 2021

You know the routine well. Open your many bank portals, download your organization’s statements, import those statements to your master spreadsheet, consolidate and normalize the data utilizing macros, create your crucial financial reports, rinse and repeat.  

Your legacy TMS should not limit your ability to achieve real-time visibility into your cash flow and position. Automating your cash management with Trovata through Direct-To-Bank APIs can save you 10+ hours a week, giving you crucial time back to focus on growing your business.

Discover how Square, the revolutionary payments company, digitally transformed its treasury with Trovata to learn how our automated cash management platform can empower you to establish efficient data and cash management processes company-wide.

Challenges with Legacy TMS

Square is a revolutionary payment company that has earned millions of daily users with its portable point-of-sales (POS) terminals, payment gateways, and payment processing solutions for large and small businesses across the globe.

square transforms cash management with trovata
Source: Square

While Square made POS incredibly simple for many businesses, gaining a real-time view of their cash position and cash flow across their 20 banks with hundreds of accounts was challenging.

Square needed a cash management solution that automated consolidating and normalizing its cash and transaction data.

Unfortunately, Square’s TMS legacy infrastructure, which relied on manual bank statement uploads, struggled to support its growth as the business continued to expand. Issues that seemed minor sprawled as time went on.

Data transfers between its banks and TMS were time-consuming. Manually consolidating and normalizing their transaction data hampered Square’s ability to gain real-time cash visibility and opened them up to significant risk.

If a bank statement was missed during a manual upload of transactions, or there were errors in a transaction log, the inaccuracy of their cash position data became increasingly challenging to pinpoint and solve, resulting in potential cash analysis delays.

The TMS’ data structure was inflexible, making centralization, performance, and external integrations a serious challenge. The reason for this is that legacy TMS is built upon relational databases making the comparison of different data sets an incredible challenge. These data set relationships are established at the creation of the database.

Performing any custom reporting became expensive and time-consuming because it required a heavy lift from the IT department to set up and ensure that the data mapping was configured and maintained.

Square knew they needed a solution to meet their cash management needs and support the company’s broader demand for data integrity and real-time cash visibility.

How Square Transformed Data Management Into a Delightful Process By Digitally Transforming Its Treasury

To achieve better control over their cash operations, improve cash flow forecasting, and cash visibility, Square sought a solution that:

  • Reduced manual workflows by leveraging direct bank APIs, which reduced manual data consolidation and normalization

  • Served a rich bank data lake that powered each department’s cash reporting and decisions

  • Generated real-time cash reports and flexible forecasts to meet the agility and scalability of the business

Square partnered with Trovata to develop a turnkey, robust enterprise cash management strategy that turned their data workflows and processes from one of despair into a delightful experience that made it easier to monitor, analyze and automate their cash workflows.

Reduced Manual Workflows Through Automating their Bank Consolidation and Normalization Processes

One critical aspect that elevates Trovata from legacy TMS is our custom Direct-To-Bank APIs.

Trovata worked with Square to build these APIs that consolidate and normalize transaction data across all Square’s banks and accounts. Square now has an intelligent bank data lake that makes it easier than ever to monitor, analyze, and automate their cash workflows, effectively eliminating manual processes.

Employed a Rich Bank Data Lake that Powered Each Department’s Cash Reporting and Decisions

Trovata helped Square establish a rich bank data lake that stores, indexes, and serves its cash and transaction data throughout its entire organization. Paired with machine learning algorithms, Trovata consolidates and standardizes all data within the data lake to enable in-depth cash reporting, forecasting, and analysis capabilities.

Square’s key decision-makers are empowered to focus on core operations that are more strategic to the business knowing that Trovata has fully removed the burden of data maintenance.

Generated Real-Time Cash Reports and Forecasts that Enable Better and Quicker Decision Making

With Trovata’s Direct-To-Bank APIs that provide up-to-the-hour transactions and cash balance details, Square can make faster, data-driven decisions with our comprehensive suite of automated, real-time cash reporting and forecasting capabilities.

Features like Natural Language Search and AI-Powered Automation have empowered Square to better monitor, analyze, and automate their cash workflows in order to make accurate, data-driven decisions.

Powered by artificial intelligence and machine learning, Natural Language Search empowers Square to find any transactions associated with any bank partner, account, vendor, institution, product and services, and more with just a few words. If you can think it and type it, Natural Language Search helps find the desired transactions in milliseconds. These searches can be saved as usable data sets for future reporting and forecasting via custom tags.

With AutoTag™ and Search+Tag™ features, generating real-time reports and flexible forecasts is easier than ever. A fully customizable cash report or forecast is instantly generated by selecting desired tags, cadence, and chart type.

These reports can then be added to custom dashboards and quickly shared with key decision-makers to equip them with valuable insights that help grow the business.

This type of reporting and forecasting would take days to set up and create with a legacy TMS. With Trovata, they are generated instantly, empowering you to make better and quicker data-driven decisions.

Square Shaves Down Manual Work While Gaining Valuable Cash Insights

With a centralized bank data lake and a comprehensive suite of automated cash reporting, analysis, and forecast capabilities, Trovata has removed the data maintenance burden and freed Square’s IT team to focus on core operations that drive the business forward.

Like Square, you can digitally transform your manual cash management processes into a delightful experience that encourages exploration and personalization. By aggregating your cash and banking information into one, secure platform, you can be empowered to make more informed, data-driven decisions with access to real-time cash insights.

“True cash visibility means we can now get cash in the right places when needed. And we can manage modern treasury challenges in real-time at enterprise scale.”

-Tim Murphy, Square’s Treasurer

Connect your first bank for free and check out Trovata’s powerful capabilities for yourself! No gimmicks. No hidden fees.

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