How Banks, ERPs, Treasury and Finance Systems Can Easily Integrate Multibank Data

Written by Sergio Garcia
June 28, 2024

The banking landscape is undergoing a rapid transformation. Open Banking is driving a new era of technological capabilities, and customer expectations are soaring. 

At the forefront of this transformation lies a rising demand for transparency and control. Clients are no longer content with juggling multiple logins and navigating a labyrinth of disconnected financial data.

They demand a holistic view of their finances across their bank mix  – all accessible from a single, secure platform. This presents a golden opportunity for forward-thinking institutions to provide unprecedented visibility through multi-bank integration.

The Changing Relationship Between Banks and Their Clients

Client relationships have evolved beyond mere transactional interactions. They want a more strategic partnership, particularly in the realm of cash management. Today’s clients seek comprehensive solutions from their financial partners to leverage cutting-edge technology that addresses unique challenges. This is evident in the increasing prevalence of client requests for advanced solutions like specialized APIs.

In fact, a recent survey by CompleXCountries found that 41% of treasurers are interested in using APIs but have no clear plans due to a lack of knowledge, resources, or clear use case. This is why practitioners are increasingly turning to their banks.

They want to simplify data aggregation across their organization’s bank mix. Yet, even in the effort to digitally transform their operations, clients have to work with each bank individually to identify relevant solutions. 

But, what if you could set yourself apart by offering a multibank solution that drives client engagement and loyalty?

By partnering with Trovata, you can position your bank as an innovative leader in the age of digital transformation. Trovata’s Multibank Connector unlocks the transformative potential of centralized multibank data, empowering businesses to gain a unified perspective on their finances. This enables effortless access and analysis of information from all their bank accounts. 

What is Trovata’s Multibank Connector?

Trovata’s Multibank Connector goes beyond basic data aggregation. It’s a fully managed service that streamlines client onboarding and consent processes, ensuring a smooth and efficient experience for both you and your clients. 

But our Multibank Connector’s true power lies in its commitment to data integrity. It boasts a suite of innovative features designed to guarantee data quality, accuracy, completeness, and security. Underpinning all of this is a cutting-edge infrastructure capable of processing billions of bank transactions in milliseconds. 

This focus on speed and efficiency sets Trovata apart from legacy service bureaus and traditional file-based sFTP services. The Multibank Connector offers a superior alternative – a solution that’s not only faster and more secure, but also more cost-effective.

Why Partner with Trovata?

Trovata isn’t just another treasury tech provider. We’re the first global standard for corporate bank APIs and legacy sFTP, offering unparalleled connectivity and data access:

  • Unmatched Coverage: Our extensive library of corporate bank APIs ensures seamless integration with a vast array of financial institutions.
  • The Best of Both Worlds: We understand the reality that not all banks offer APIs. Trovata’s Multibank Connector can also seamlessly integrate through secure sFTP connections, ensuring no bank is left behind.
  • Future-Proof Solution: Our combined API and sFTP approach adapts to the evolving technological landscape, guaranteeing a long-term partnership.
  • Cloud-Native Infrastructure: Cloud-native tech is effectively infinitely scalable. Any new data source (such as a new bank or a new set of accounts with an existing bank) simply requires connection of the API. This allows finance teams to scale data immediately in line with business operations, providing instant access to every piece of banking data without the need for costly upgrades or system downtime.
  • AI-Powered Data Analysis: Trovata has built-in AI and machine learning technology, to allow analysts to quickly identify trends or highlight anomalies in historical data. 
  • Enhanced Client Services: Offer your clients a unique and valuable service – the ability to centralize and manage all their financial data within your own bank portal, ERP, TMS, and nearly any web experience. This fosters deeper engagement and loyalty.
  • Streamlined Workflows: With Trovata’s Multibank Connector you can offer your clients automation to streamline workflow and repetitive tasks, freeing up their time for higher-value activities.
  • Developer Portal: Trovata provides a toolkit of APIs that makes it easy to build integrations & custom multibank data feeds into your apps & services. 

That’s why some of the largest financial institutions from around the world partner with us. We offer the world’s largest library of APIs in corporate banking. 

multi-bank integration

“APIs are the modern building blocks for digital transformation, and yet corporate treasury globally still runs on legacy sFTP services with file formats from the ‘80s. Cloud-native infrastructure, along with bank APIs that provide rich metadata, enable deeper intelligence and automation. With Trovata, treasurers are using AI to better manage risk, controllers are automating reconciliation, and CFOs are discovering that bank transactions labeled by cash flow type at scale are a powerful financial operating tool to improve capital efficiency.”

Brett Turner, founder and CEO of Trovata

Democratizing Corporate Data Through Multi-Bank Integration

Traditionally, accessing and utilizing corporate multibank data has been a complex and siloed process for clients. Businesses often need to manage connections with each bank individually, log into each bank portal to pull data, then manually aggregate all of that data for analysis. This complex, time consuming process hinders efficiency. 

Trovata is changing this. By offering a standardized solution we are democratizing corporate multibank data, and enabling unprecedented data management and analysis capabilities. 

Real-time Balances, Transactions & Payments: Provide clients with a clear and immediate picture of their organization’s financial health across all bank accounts. Your clients get up-to-the-minute information on account balances, transactions, and payments, allowing them to make informed decisions without delay.

Rich Metadata for Deeper Insights & Categorization: Go beyond basic data points. Trovata provides extensive metadata that unlocks deeper financial insights. Easily categorize transactions with this rich metadata, enabling a more comprehensive understanding of financial activity.

Data Healing Algorithm for Data Completeness: Missing or inaccurate data can skew analysis. Trovata’s innovative data healing algorithm automatically identifies and corrects inconsistencies, ensuring the completeness and reliability of financial information.

All Data Normalized, Stored, and Fully Indexed: Effortlessly analyze financial data. Trovata normalizes all data into a consistent format, regardless of the connection method, making it easy to combine and analyze information from all accounts. Additionally, we offer secure storage and full indexing, enabling quick retrieval of specific data when needed.

Trovata’s Multibank Connector transforms data aggregation and movement, empowering banks, ERPs, and fintech providers to offer more powerful, innovative products.

Trovata: Pioneering API Access and Democratizing Corporate Banking Data

Since 2018, Trovata has been at the forefront of unlocking the potential of bank APIs. Trovata initially focused on building a next-generation user experience for cash and liquidity management. Serving hundreds of mid-market and enterprise customers, we’ve demonstrated the power of API-driven solutions. 

Now, we’re taking the next step – making our APIs available to a broader ecosystem. Banks, ERPs, Treasury Management Systems (TMS), and other financial software providers can now leverage Trovata’s robust platform to empower their clients and revolutionize corporate banking.

The past five years have witnessed a surge in API development by major financial institutions for their commercial and corporate clients. These APIs promise real-time access to account data and transactions, along with streamlined money movement capabilities. However, widespread adoption hasn’t mirrored the rapid success seen in retail banking.

For mid-market and enterprise companies, API adoption has been considerably slower. This disparity stems from two key factors:

  • Outdated Core Infrastructure: Many banks still rely on legacy systems that hinder seamless API integration.
  • Strict Security and Regulations: Wholesale banking operates under more stringent security and regulatory requirements, making API development and implementation more complex.

Trovata bridges this gap with our Multibank Connector. By understanding the challenges and leveraging our expertise, we provide a solution that works for both banks and their corporate clients. To learn more about our Multibank Connector and schedule a partnership call, click here.

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