If you’re a finance pro who has been watching the news and following the latest economic trends, you’ve probably asked yourself, “Are massive tech layoffs signaling the beginning of a “white-collar recession?” Maybe you’ve even wondered, “What if our own company’s financial situation necessitates layoffs?” With all of the uncertainty and market changes taking place, it’s easy to get caught up in the what-ifs.
To deal with uncertain market conditions, prioritize digital transformation and automation as these are the foundation for an agile cash management strategy. It’s critical to have the right cash management solution to overcome today’s major economic challenges: increasing interest rates, higher supply chain costs, and greater risk due to geopolitical conflicts.
Teams that are still manually managing their cash flow and forecasts in Excel are losing out. Instead, that time should be spent making smarter decisions that minimize business risk amidst market volatility.
“Digital transformation requires a new tech platform to solve these major pain points. We’ve entered an era where spreadsheets as a workaround for the limitations of legacy online banking is no longer viable.”– Brett Turner, Trovata CEO and founder
Savvy finance professionals are looking for ways to bridge the gap with better cash visibility, automated transaction tagging, and AI-powered forecasting. By having these advanced capabilities, they can easily predict their required liquidity, improve forecast accuracy, and make sure to have the cash on hand to keep their business running.
Open Banking Puts You in the Driver’s Seat Against Uncertainty
With all of the separate banks and accounts your company may use around the world, you might be wondering how it’s possible to streamline cash management and ditch spreadsheets. How can a new solution make it easier to unify all of your data and manage cash in a centralized view?
The answer is open banking. Open banking enables the owner of a bank account, whether it be a personal or corporate account, to provide access to the data and the services in that account to third parties through the use of APIs. API stands for application programming interface, which is a set of protocols and definitions for building and integrating software applications.
Essentially, a bank’s API allows for its online banking system to interact with a cash management platform like Trovata in a safe and secure way.
Recently, Brett Turner, Trovata’s CEO, appeared on Bloomberg Technology live alongside JP Morgan Payment’s Global Head of FinTech and Partnerships, Jason Tiede, to discuss the impact of open banking and the rising adoption of APIs:
According to Tiede, Trovata is an example of how opening up access to data within bank accounts can spark innovation in products and services for businesses. Ultimately, Trovata helps leading banks like J.P. Morgan drive new value for their customers.
“As a treasurer or CFO, you’re constantly trying to get your arms around what is the working capital needs for your business. And so what Trovata has done is used JP Morgan and other banks’ APIs to get real-time data fields to real time data feeds, index that, and then overlay an elegant user interface for cash forecasting and working capital management.”– Jason Tiede, Global Head of FinTech and Partnerships at JP Morgan Payments
Now with the market slowing down, forward-thinking cash management solutions that take advantage of bank APIs are seeing greater adoption rates. Why?
The data aggregation and normalization that bank APIs enable are game changers for key finance functions, such as forecasting.
“If you look in the last 10 years, debt was cheap. You haven’t really had to sharpen your toolkit in terms of trying to go for yield, but now all those things are starting to change. What we’re doing is heating things up on the corporate side of fintech by automating cash forecasting – which has always been sort of a holy grail in finance.”– Brett Turner, Trovata CEO and founder
Put Your Bank’s API to Use for Free with Trovata
At Trovata, we understand how important it is to drive a smart, recession-proof cash strategy that avoids the pitfalls of managing cash in spreadsheets manually. That’s why we recently announced the free version of our enterprise-grade cash management platform driven by open banking.
With our new, self-serve signup experience, you can connect your first bank securely at no cost.
We’re able to offer this connectivity from our own library of corporate banking APIs which we pioneered with global banks who have invested in Trovata; JP Morgan, Wells Fargo, Capital One, and NAB. Because Trovata uses AI and ML, it enables you to easily find and tag bank transactions, build powerful reports and forecasts, and manage your bank data, all in one place.
As proven time and again, in an economic downturn, cash is still king. Connect your first bank account for free to start putting the king to work for you with our next-gen cash management solution.