Open banking APIs are completely changing the way bank data collection and analysis is performed. Before banks allowed the utilization of open banking APIs, treasurers had to log into their many bank portals, download the transaction data, and then normalize the data in spreadsheets to gain an accurate picture of their cash position across their organization’s multitude of bank accounts. In fact, many treasurers still rely on manual processes like this to gain their cash position. Now, open banking APIs have enabled organizations to establish direct connections to their bank accounts, empowering them with ownership over their bank data and eliminating tedious, manual data management processes.
How Open Banking APIs Establish a Financial Big Data Pipeline
In the last couple years, banking institutions have started to allow businesses to connect directly to their bank servers via open banking APIs. Trovata partners with banking institutions, like J.P. Morgan, Bank of America, Wells Fargo, and many others, to securely connect with their bank servers, and, with permission, extract the information required at speeds that are close to instantaneous.
Trovata’s open banking APIs collect all your transaction and cash data into a banking data lake, empowering your organization with historical bank data, which Trovata leverages to provide high-quality cash insights on-demand.
The Benefits of Utilizing a Banking Data Lake
Eliminates Human Error by Automating the Consolidation and Normalization of Bank Data
Trovata’s open banking APIs and machine learning algorithms just don’t consolidate your banking data into a data lake, but it also automates the normalization of transaction data into one common format. Gone are the days of logging into multiple banking portals, downloading a myriad of bank statements, and normalizing that data manually in a spreadsheet. By eliminating human intervention within consolidation and normalization, you can eliminate the potential for human error and truly trust that you have the most accurate, up-to-date transaction data within your Trovata Platform.
Establishes a Single Source of Truth for Cash and Transaction Data Across Your Entire Organization
Trovata’s banking data lake naturally creates a single source of truth for your cash and transaction data across your entire organization. No longer do you have to track down a specific spreadsheet and have to cross-reference if it has the most up-to-date and accurate transaction data. With Trovata’s open banking APIs establishing a single source of truth through a data lake, your organization can decrease the chance for misinformation between key decision-makers. They all have the same visibility into your organization’s cash and transaction data.
Provides Your Organization Complete Control Over Their Data
When Trovata’s open banking APIs call for new transactions directly from your bank accounts, no bank data is scrubbed in the process. The Trovata platform continues to collect and store historical bank data in perpetuity, providing you direct access and control over your data at all times. And with Trovata’s GridMode™, your bank data can be exported into a spreadsheet, making it easier than ever to perform any custom analysis or upload your normalized bank data into other financial platforms. It’s your bank data and you should have 100% control over your data.
Eliminate Your Manual Data Management Workflows with Trovata
By automating the aggregation of your multi-bank data using Trovata’s open banking APIs, you can easily eliminate your tedious, manual data management workflows required to gain an accurate picture of your cash position across your global bank accounts.
Request your own personalized Trovata demo today to learn how you can automate your bank data management processes, so your team can remain focused on strategic analysis that propels your business forward.