When Bruce Edlund, Group Director and Assistant Treasurer at Cloud Software Group, and his team implemented Trovata to solve their treasury challenges, they expected to transform cash visibility across 300 bank accounts. What they didn’t expect was IT and AR teams knocking on treasury’s door, asking for access to the same data feeds.
This is the story of how one treasury team’s digital transformation became an enterprise-wide win—and why treasury platforms that stop at treasury are missing the bigger picture.
The Starting Point: Treasury’s Challenge
Cloud Software Group faced a monumental task after Citrix Systems merged with Tibco Software. The treasury team managed nearly 300 bank accounts across 40+ banks globally for over 100 entities. Visibility into cash balances and cash flows was limited, reconciliation was manual, and reports lacked integrity.
This challenge isn’t unique. According to research from Cygnetise, over 40% of treasury organizations have implemented little to no automation as of 2024, making treasury one of the least automated corporate functions (source). Cloud Software Group was determined not to be part of that statistic.
“We had balances and transactions in Power BI, and some of them were tagged for actuals. But we needed a dedicated system to build a solid, sustainable solution to achieve real-time treasury,” says Bruce Edlund, Assistant Treasurer at Cloud Software Group.
The team relied on manually downloaded statements and data transformations in Alteryx and Power BI, spending hours combing through bank portals to trace discrepancies. If key team members were unavailable, the entire process could stall.
Treasury’s Transformation with Trovata
The implementation was surprisingly straightforward. “We started with one of our primary banks and set up an account on their developer portal. Trovata got access, and the data started flowing. It took a week or two. The process was quick and super easy!” Bruce explains.
What drew Bruce to Trovata was clear:
“I gravitated to Trovata because of the APIs. The daily feed makes data readily available. Transaction tagging allows for easy categorization and a clear picture of cash flow. Logging in provides instant updates, eliminating the need for manual data pulls.”
This API-first approach reflects a broader industry trend. Bank of America reported a 51% increase in companies leveraging APIs for real-time treasury needs between October 2022 and 2024 (source). Cloud Software Group was ahead of the curve.
Within six to nine months, Cloud Software Group achieved mostly automated cash flow actuals across its complex banking structure. Reports that once took hours to build were now generated in minutes. But then something unexpected happened.
Want to hear more about Cloud Software Group’s journey and the future of treasury tech? Check out this Fintech Corner episode with Bruce:
The Ripple Effect: When Other Teams Take Notice
Bruce shared what happened next in a recent email:
“This year, we had our tech teams contact us, wanting to connect to Trovata and get a feed of bank transactions to do reconciliations in Oracle Fusion. The teams were still downloading bank statements from portals. Rather than doing separate feeds with an H2H to each major bank, they’re going to use Trovata data. That’s a great win for treasury and us as a company…”
The IT team’s adoption was just the beginning. Bruce continues:
“Also, our AR team is now wanting to connect to the data and get a feed to help streamline their processes. They’re looking to improve matching bank transactions to invoices, and having one source (Trovata) makes a lot more sense than logging into various bank portals and pulling it manually. Not only will it be quicker, but we should save on bank fees from generating reports in their portals.”
Measuring the Business Impact
According to Bruce, the benefits that Cloud Software Group has realized from the implementation include:
- Full data ownership: Data that was once scattered and difficult to reconcile is now accessible, organized, and easy to pipe anywhere using Trovata’s developer portal—giving the entire Cloud Software org more power over their cash story.
- Time savings: Reports that once took hours to build are now generated in minutes.
- Cross-functional use: IT and AR teams now use the same Trovata data feeds for reconciliations in Oracle Fusion and to streamline receipt creation—eliminating manual downloads and reducing bank fees.
- Transparency: Executives, AP, accounting, and sponsors all rely on the same source of real-time data, creating a unified view across the organization.
- Scalability: The system supports entity- and account-level reporting, lays the foundation for weekly cash forecasting, and simplifies onboarding during future acquisitions.
Treasury as the Enterprise Data Hub
What Cloud Software Group discovered goes beyond typical treasury transformation. By implementing an API-first, cloud-native platform, they didn’t just solve treasury’s data problems—they created infrastructure that powers the entire finance ecosystem.
As Bruce has mentioned, “Technology alone isn’t enough—it’s how you apply it that drives impact. It’s not just about data aggregation and automated treasury reporting, which are important, but it’s about the power of achieving mastery over your cash data and how you can use it to enable multiple teams across the organization.”
The treasury team became perceived as a leader in true digital transformation. Not because they implemented new software, but because they created a shared data platform that IT could use for Oracle Fusion reconciliations, AR could use for invoice matching, and executives could use for real-time visibility.
Lessons for Treasury Teams
Bruce’s reflection on the experience is telling: “I would definitely recommend Trovata to treasury teams. It’s like a bank portal experience you can rely on, but for multiple banks. The problem that we [treasury professionals] have is that we get tasked with big projects, like bank connectivity, and other teams benefit. Trovata, as an API solution, is finally a solution for us.“
Cloud Software Group learned that bringing cross-functional teams into the conversation earlier would have accelerated rollout. As they noted: “If we were to start again, we would bring cross-functional teams (tech, AR, accounting) into the conversation earlier. Their adoption proved the power of the system and expanded its value across the business.”
When Treasury Leads, the Whole Organization Wins
Cloud Software Group’s journey proves that when treasury solves its own visibility challenges with the right platform, the benefits naturally cascade across the organization. You’re not just implementing a treasury tool—you’re laying the foundation for enterprise-wide digital transformation.
With no additional implementation expenses, a strong price-to-value ratio, and smart internal stewardship, the system was implemented and scaled in-house. Other treasury professionals can replicate this approach without needing deep technical expertise.
Your treasury platform shouldn’t stop at treasury. When you choose a solution built on APIs and designed for flexibility, you’re not just managing cash—you’re creating the data infrastructure that powers your entire finance organization.
Trovata can help transform your treasury into an enterprise data hub. Book a demo and discover why leading companies trust Trovata to power not just their treasury, but their entire finance ecosystem.
