Krispy Kreme Scales Treasury with APIs and a Modern Cash Flow Management Platform
Headquartered in Charlotte, North Carolina, Krispy Kreme is one of the most beloved and well-known sweet treat brands in the world. For over 85 years, its iconic Original Glazed® doughnut has been universally recognized for its hot-off-the-line, melt-in-your-mouth experience.
The Krispy Kreme Doughnut Corporation operates in more than 30 countries through its unique network of fresh doughnut shops, partnerships with leading retailers, and a rapidly growing e-Commerce and delivery business. In 2022 alone, Krispy Kreme sold over 1.6 billion doughnuts.
Food and Beverage Services
In the past five years, Krispy Kreme has experienced rapid revenue growth and multiple international expansion events. Naturally, this led to its corporate treasury team requiring advanced treasury technology capabilities that could facilitate its increasingly complex workflows and reporting needs.
Due to the increased complexity of its treasury and cash management needs, Krispy Kreme sought a robust solution that could work well with its banks to automatically aggregate, consolidate, and analyze multi-bank data across multiple currencies.
A Modern Cash Flow Management Platform Built on APIs
Having been recommended Trovata by their trusted banking advisor, Krispy Kreme chose to implement our platform based on API and cloud technology instead of a legacy treasury management system.
A next-gen technology provider, Trovata is helping many of the world’s largest financial institutions, like Wells Fargo and JP Morgan, to digitally transform commercial and corporate banking with our growing network of direct API integrations – the largest in the world.
For Krispy Kreme, that means they can obtain 100% visibility into their multi-bank data with a single source of truth. Leveraging APIs, a cloud bank data lake, and machine learning technology, Trovata empowers Krispy Kreme to analyze, report, forecast, and move money seamlessly.
With Trovata, Krispy Kreme can automatically generate cash forecasts based on machine learning algorithms, enhancing its ability to:
- Obtain a clear picture of its financial health
- Increase awareness of potential business risks and opportunities
- Experience predictable growth
Krispy Kreme’s multi-bank data lake brings its banking data to life. From a complex and secure network of global institutions, the bank data lake transforms all of the inputs into a common language, providing resilience, scalability, and extensibility.
Through the use of our tagging feature, Krispy Kreme can identify and categorize specific transactions based on different criteria. This helps the team organize its primary cash flows into a more digestible format and serves as the foundation for building transaction-based analyses, reports, and forecasts.
With Trovata’s natural language search, Krispy Kreme can access any transaction data instantly, even when searching through thousands of transactions. Any search they perform can be utilized to create customizable data sets, which can be leveraged to generate real-time cash reports and forecasts on the fly.
A Lasting Relationship vs a One-Time Onboarding Experience
When it comes to the Trovata onboarding experience, James shared,
Since implementing Trovata, James has been able to check in regularly with his account representative for ongoing support. He added,
Thanks to its partnership with Trovata, Krispy Kreme is empowered to:
- Manage increased treasury management complexity, driving timely and actionable cash insights without the need to hire more staff.
- Replace its outgrown cash management solution with a modern cash management platform for less than what it would cost to implement a traditional Treasury Management System (TMS).
- Enable cutting-edge innovation and enhance its treasury technology as Trovata continues to invest in its platform and unleash greater capabilities.
On what he likes the best about Trovata, James stresses the benefit of the long-term nature of our relationship, which is built on trust: