In a recent article, we looked into some of the challenges that come with processing high-volume transactions, and the technology that can help you overcome them.
At a high level, trying to process, categorize, and analyze millions of transactions each day can be a mammoth task. For practical reasons, it often leads to cutting corners or patched together solutions that provide a little insight, with a lot of manual work.
But the good news is that there are now tech solutions that act as a multi-bank connector for all your financial data, and automate much of the data gathering process. This frees up time to be spent on the high-value treasury data analytics work, rather than data collection and organization.
With the overall concept covered, we’re going to be getting into some more specific and practical details in this article. I’ll be showing you exactly how Trovata helps finance and treasury teams access and analyze their data faster and more effectively than ever before, and share three case study examples of companies that have used it to transform their treasury operations.
How Trovata Enables High-Volume Transaction Efficiency
When we’re talking specifics, we need to look at exactly how technology helps solve this problem of high-volume transactions. So often ‘technology’ is cited as the solution to all the problems in the world, without actual details on what that means from a practical, day-to-day perspective.
Trovata has been built from the ground up for treasury, with the latest technology specifically integrated for that purpose. Unlike traditional ERPs which aim to be a jack of all trades, Trovata is a treasury and finance specialist. Unlike legacy TMSs, which are built on architecture that is decades old and built as an inflexible monolith, Trovata has been designed to operate flexibly and scalably on cloud-native architecture.
In real terms, that means it makes the role of treasury and finance more effective, and more efficient. Here’s how:
Cloud-Native Infrastructure to Scale Treasury Data Analytics
While ‘the cloud’ has become a ubiquitous part of digital transformation, not all clouds are created equal.
Many treasury management system vendors that predate 2015 – when you could make software native to the cloud – are simply repackaging old-school solutions as “cloud-based’, even though they don’t offer true cloud-native functionality.
So, what’s the difference? Think of it as the difference between building something out of a plastic mold vs. using Lego bricks. The plastic mold (legacy, cloud-adapted solutions) need to be customized and built from scratch, and any changes require a reworking of the entire system.
Cloud-native solutions like Trovata work like Lego bricks, with the ability to add features, change sections, or fix bugs by removing individual blocks, leaving the rest of the system intact.
And by using AWS servers, the system can offer practically unlimited scale, almost instantaneously. For companies needing to deal with millions of transactions, that provides a hugely flexible foundation for their financial data.
Recommended: Check out our recent episode of Fintech Corner as our very own Brett Turner, Founder & CEO of Trovata, and Joseph Drambarean, CTO of Trovata, discuss the tough questions to ask when assessing a cloud-based tech provider.
Unlimited Data Storage
With Trovata, you can manage an ever-increasing number of transactions without worrying about storage limitations. This flexibility is crucial for organizations experiencing rapid growth or seasonal fluctuations in transaction volume.
It also allows you to connect data sources that may not have been practical beforehand. Many Trovata clients gain access to data from places like Stripe and AliPay, where previously there were simply too many transactions to import.
High Processing Speeds
Trovata is designed to process transactions at scale, providing treasurers with the speed and efficiency needed to keep pace with the realities of business operations for companies of any size. This is another benefit of modern architecture, that capacity can scale up and down as needed.
In day-to-day use, it means the system can’t become ‘bogged down’ during high use times.
API-First Connectivity for Real-Time Cash Visibility
Many ERPs and legacy TMSs focus on traditional file transfer methods. These formats have limitations on the amount of data they can provide, as there is only so much that can be fit into each transfer file.
It also relies on these files being pushed from the bank, which can happen at irregular intervals. Trovata’s API-first approach ensures seamless connectivity with all your financial data sources, offering real-time visibility into your cash positions across multiple banks and platforms.
Instead of relying on file transfers, APIs create an always on, real-time mirror of your financial data. It means being able to see data that is 100% accurate, but it also provides access to far more detailed transaction information and metadata. This is a game changer for finance professionals. A recent survey by Blackline found that a staggering 98% of practitioners confirmed they do not have complete confidence in the visibility their organization has over its cash flow.
Trovata’s API connectivity empowers treasurers with real-time visibility.
This opens up huge opportunities for deeper data analysis and categorization, which ultimately allows treasurers and finance teams to make more informed decisions.
Organize Data with Tagging and Trovata Query Language (TQL)
Connecting millions of transactions is one thing, but turning that sea of information into usable data, or finding specific transactions, is another. Trovata’s advanced tagging system and TQL enable treasurers to organize and search transaction data easily, allowing for quick identification of trends, anomalies, and specific transactions.
Automated tagging provides instant categorization of data, across just about any metric or datapoint you can think of. All of this can be built into custom, automated reports and dashboards, giving users access to their most important data at their fingertips.
Multi-Bank Data Lake™
We’ve already touched on APIs, but Trovata’s connectivity capabilities goes beyond that. The Multi-Bank Data Lake™ consolidates data from various banking portals into a single repository, providing a comprehensive view of your financial landscape and eliminating the need for manual data consolidation.
And if any of your banking partners don’t offer APIs, Trovata’s Multi-Bank Data Lake™ can connect via legacy methods as well. It means all of your financial data is available in one place, at all times.
Real-World Case Studies
This isn’t all just talk. There are many well-known companies using Trovata for this exact reason, to better gather their high-volume transaction data, and gain access to tools and features to categorize and analyze it.
Cloud Software Group
Want to talk about scale? Cloud Software Group deals with 300 accounts, across 40+ different banks, for over 100 different entities. They’d put together their own dashboards using multiple tech solutions, but the end result still didn’t offer real-time insights into their data, with siloed and fragmented data making reporting and forecasting a real challenge.
By implementing Trovata, they centralized their data into a single Multi-Bank Data Lake™, allowing for instantaneous access to cash positions and transaction histories. Yes, across every one of their 300 accounts over 100 different entities.
The result was a streamlined workflow, improved forecasting accuracy, and the ability to make informed strategic decisions quickly.
Most importantly, Trovata provides the team at Cloud Software Group with real-time cash flow data. They now have the latest cash flow information always on hand for proactive cash management and informed business decisions.
Krispy Kreme
While I can take personal credit for more than my fair share of Krispy Kremes transactions, it’s a drop in the bucket compared to the millions of transactions that the company processes every day. It’s no surprise, given the scale of the operation which sells their donuts in over 30 countries worldwide.
That means not just complexity on the sheer number of transactions, but also currency rates, tax levies, partnership deals.
As they were going through this international expansion, Krispy Kreme were having trouble maintaining cash visibility, and they needed a solution to manage their high volume of transactions efficiently.
Trovata’s high processing speeds and unlimited data storage allowed Krispy Kreme to handle millions of transactions seamlessly. The API-first connectivity provided real-time insights, enabling them to optimize cash management and improve liquidity planning across their global operations.
Leading Mobile Payment Provider
We’ve got to keep the name of this company under wraps. What we can say is that they’re a big one. A serious player in the mobile payment space. How big? They have millions of daily users, generate over $5 billion in annual revenue, and process over $100 billion in annual payments volume.
In short, they’re the poster child for high volume transactions.
The problem they had was that this volume was built on a legacy TMS which used SWIFT MT940 statement transfers, which was struggling to support their growth with delays on the transfer of their banking data.
This structure was also highly inflexible, which was creating its own set of issues with a company already holding hundreds of accounts over 20+ banks, and looking to scale further.
Trovata’s rapidly implemented cloud- based solution, Enterprise Treasury Cloud™, transformed the organization’s cash management capabilities, with instant cash visibility across millions of transactions, up-to-the-minute global cash balances, and daily-time analytics.
The organization now has an intelligent bank data lake that acts as a single source of truth for all cash data across all teams. With scalable, open banking APIs, the IT team has a flexible, full-fledged developer experience to serve the growing application development needs of internal teams beyond treasury.
The end result has also saved the company over 5 hours per day in manual data work, and over $1 million in annualized costs.
“Their teams can now do instant analysis across millions of transactions, across all of their banks, and every single account.”
Joseph Drambarean CTO at Trovata
Trovata: Transforming Your Treasury and Finance Teams
Trovata’s innovative features and cloud-native infrastructure provide treasurers with the tools they need to scale bank data analysis and manage high-volume transactions effectively.
By centralizing data, enhancing processing speeds, and offering real-time visibility, Trovata transforms treasury operations and empowers treasurers to make informed decisions with confidence.
But we know it’s not just about the technology. Without the right partnership and an attitude of continuous improvement, it can be impossible to leverage the tech in the right way. It’s why we place such importance on relationships to underpin the product.
James Krikorian VP & Treasurer at Krispy Kreme
If you’re ready to revolutionize your treasury operations, consider exploring the capabilities of the Trovata platform. To find out more about how Trovata could work for your organization, book a demo today!
