Trovata’s Open Banking Payments Experience Empower You to Transfer and Send Payments

Written by Keegan Chamberlin
December 9, 2021

With Trovata’s new Open Banking Payments Experience for mid-market and enterprise companies, you can now initiate payments directly within Trovata. As a Trovata subscriber, you can move money end-to-end from J.P. Morgan, Wells Fargo, Silicon Valley Bank, and Bank of America banking portals, empowering you with more control over your cash and payments in one, secure platform.


Transfer and Send Payments Directly Within Trovata

Trovata’s Payments App enables you to initiate payments via ACH, wire, and real-time payments (RTP)  with bank APIs directly, eliminating any need for intermediaries. The APIs send account and beneficiary information directly to your J.P. Morgan, Wells Fargo, Silicon Valley Bank, and Bank of America portals, enabling the payment to be initiated and processed directly through your bank. With no third-party intermediary and no added fees to create a payment request through Trovata, the only fees you incur are directly from your bank.


Keep Track of Your Payments within One Dashboard

When an RTP, ACH, or wire payment is initiated in Trovata, your transaction information is reflected in your Trovata Platform, empowering you to view the effects your payments have on your cash flow. When you first log in, you will see a dashboard that provides a comprehensive view of your payment data, allowing you to analyze:

  • Payments By Status: See the status of any initiated payment by open, completed, submitted, approved, canceled, rejected, and reject by bank statuses
  • Completed Payments: Discover your amount of payments by any specific date range
  • Any Payment via Natural Language Search: Find and discover the status of any payments in less than 300ms with simple keywords or a date range


With any payment you see on Trovata’s dashboards, you can drill down to discover deep historical information, ranging from:

  • Account Details
  • Beneficiary Details
  • The Workflow the payment utilizes for the approval process
  • Payment History


With these in-depth analytics tools, your organization can obtain complete transparency within your payments and better keep track of your cash flow, so you can be confident you are making more accurate, data-driven decisions.


Utilize Workflows to Manage Your Payments Approval Process

Trovata’s Payments App gives you complete control over your approval process with Workflows. Throughout the entirety of your payments’ lifecycles, you have the ability to set up custom rules and controls to ensure that your team is sending payments per company policy.

Within workflows, there are four stages every workflow has to complete before a payment is sent from your desired bank account:

  • Preparer: Users who initiate the payment process
  • Reviewer: Users responsible to assess the account and beneficiary details are correct
  • Approver: Users who make final approvals on any payment that goes out of your organization’s bank accounts
  • Releaser: User responsible for completing the payment and releasing it


Every stage, within your workflow listed above, can be customized to fit the unique needs of your business as you can customize:

  • The users responsible for each stage
  • The ruleset that differentiates the workflow’s processes depending on the payment’s amount and other information


Once your admin finalizes your different workflows, they can save them as templates and even assign them as the default for specific bank accounts. And throughout every step of the approval process, Trovata tracks the history of each stage, providing your team complete transparency throughout every step of the payment process.


Increase the Speed and Global Transparency of Payments with Trovata

“CashPro APIs let our clients interact with banking services like never before, but often require significant IT resources or a special system interface to take advantage of our real-time capabilities. Trovata thoughtfully fills this void, to not only help increase US RTP adoption but also make payment processing more efficient.”

  • Alex Yang, Director of Connected Banking, Bank of America Global Transaction Services


Trovata’s new Open Banking Payments Experience truly empowers your organization with complete transparency, speed, and flexibility within payments in one, secure cash management platform. J.P. Morgan, Wells Fargo, Silicon Valley Bank, and Bank of America clients can begin simplifying and automating their money movement for free in order to deliver faster initiation, automated reconciliation, and with RTP, instant settlement.

We are working hard to add support for more bank partners in the coming future, so please keep an eye out on our social channels into 2022. To learn more about Trovata’s Payment App, visit our Press page, and request a demo to speak to one of our cash automation experts today!

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