Park Place Switches to Trovata, Finally Achieving Multibank Cash Visibility
Park Place Technologies, a global leader in IT infrastructure solutions, faced growing challenges managing cash across its extensive international operations. With 100 bank accounts spanning 25 countries and 15 different banking relationships, the company’s treasury team needed a solution to improve transparency and efficiency.
After a dissatisfactory implementation of a legacy treasury management system (TMS) that positions itself as a liquidity performance solution, Park Place switched to Trovata, enabling its treasury team to consolidate banking data, improve reporting for C-suite executives, and regain critical visibility into cash flow.
We’re in Trovata every day. We could not do without it.”
Megan McLaughlan
Park Place Treasury Manager
Headquarters
Cleveland, OH
Company Size
2000+
Founded
1991
Industry
IT Services
Challenges: A Fragmented Cash Management System
Before implementing a treasury management solution, Park Place’s treasury operations were hindered by limited access to real-time cash data.
Treasury Manager
In 2022, Park Place underwent an eight-month implementation to set up a legacy treasury management system (TMS), but encountered significant roadblocks:
Connectivity Issues:
The integration process was lengthy, requiring costly consultant support. Despite months of effort, they failed to achieve full bank connectivity.
Lack of Essential Functionality:
The legacy system required paid add-ons for basic features like currency exchange rate adjustments and transaction reporting; a fact that Megan shared was not disclosed to her team during the sales process.
Outdated System Design:
“Their system was almost like you were living in 1990—like the first computers.”
Megan McLaughlan, Treasury Manager
Poor Ongoing Support:
When a bank connection failed, the system provided no assistance, leaving Park Place to troubleshoot independently.
After investing a significant sum of money and experiencing nearly a year of frustration, Park Place decided to switch to Trovata for its ease of use, superior bank connectivity, and cost efficiency.
Not all “multi-bank connectors” were created equal
Trovata, backed by JP Morgan and Wells Fargo, is the first cloud-native platform to have pioneered the world’s largest library of corporate banking APIs.
Direct connections to 50+ enterprise banks and 2000+ business banks
Unlike other vendors, we partnered with the banks to create these connections, instead of working around them
Trovata’s white glove service completely handles the bank connection onboarding process for you at no added cost
Quality control: Trovata contains built-in checks and self-healing mechanisms that automatically pull in data if something fails
Trovata is the first tech company to build an API to Swift, which gives us bank-like access for legacy statement reporting and money movement to over 10,000 corporate banks globally
Trovata will help you achieve the best method to connect to each bank and account, resulting in direct savings
Solution: Park Place Switches to Trovata’s Cash Management Platform
Implementing Trovata was a game-changer for Park Place. The team was impressed with Trovata’s direct bank connectivity, eliminating the need for consultants and reducing implementation time.
Not a depiction of Park Place’s Trovata instance
The standard level of support Park Place experienced with Trovata was a significant improvement compared to their previous legacy TMS.
Key Differences in the Onboarding Experience with the Legacy TMS vs. Trovata
Legacy TMS
Trovata
Bank Connectivity
Legacy TMS
Claimed universal multibank connectivity, but couldn’t deliver once time to integrate
Trovata
Built on APIs with direct SWIFT access, ensuring comprehensive connectivity
Implementation Time
Legacy TMS
8 months
Trovata
3 months
Support
Legacy TMS
Required costly consulting services and frequent troubleshooting calls with the banks
Trovata
As part of every Trovata plan, dedicated Client Success Managers provide white-glove onboarding, handling the entire connection setup process from start to finish
Functionality
Legacy TMS
Paid add-ons required for essential features like currency conversion and transaction reporting
Trovata
All key features included with a transparent pricing structure
With all of Park Place’s multibank data normalized and consolidated, the treasury team was able to dive deep into transaction data. Trovata’s robust transaction search and tagging capability allowed them to streamline reporting.
For example, they created one payroll tag to instantly categorize and analyze all global payroll transactions, which can then be filtered by entity. Tags make it possible to slice and dice data in a way that Park Place couldn’t do before, making it easy to report across multiple layers.
Not a depiction of Park Place’s Trovata instance
Trovata’s real-time capabilities allowed Park Place to build dynamic, customizable reports for their CFO and key stakeholders on the fly. They could toggle between global, regional, and entity-level cash flow views with just a few clicks, ensuring their 13-week cash flow forecasts remained accurate and up-to-date.
Not a depiction of Park Place’s Trovata instance
Results
Increased Scale & Efficiency
Park Place’s treasury team saved countless hours by eliminating manual tasks such as downloading bank statements, converting currencies, and tagging transactions.
“If we had to manage 100 bank accounts manually, it wouldn’t be possible. Trovata makes it all work. My boss, the Director of Treasury, and the CFO both know how much we use it every day since the reports we build are mainly from Trovata, so it’s definitely a need for the Treasury team.”
Megan McLaughlan
Park Place Treasury Manager
Dramatic Cost Savings
By eliminating the need for consultants and additional software add-ons, Trovata proved to be a more cost-effective solution.
Real-Time, Automated Insights for the CFO
Consolidated cash data and instant reporting capabilities provide the CFO and stakeholders with actionable insights, driving smarter financial decisions.
Looking Ahead
As Park Place grows through acquisitions, Trovata continues to be a key partner in scaling its treasury operations—thanks in part to the ease of adding new banks whenever needed. Megan and her team are excited to further explore Trovata’s forecasting tools to refine their global cash flow strategy and improve decision-making.
Gain Total Cash Visibility with Trovata Today
Trovata aggregates information across all your global accounts, providing a single source of truth for all bank data. Unlock real-time visibility, deeper insights, and cost savings with just one platform. Spend less time logging into multiple bank portals and more time driving strategy.
By normalizing bank data across both new and legacy protocols, we transform raw cash flow data into building blocks for a smarter, cheaper, and faster corporate finance and treasury org.”
Founder and CEO of Trovata
