May 3, 2023 – SAN DIEGO – Trovata, the global leader in bank APIs and cash management, today announced the first generative AI entrant in the fintech space. Trovata AI leverages OpenAI’s ChatGPT technology to accelerate the company’s vision of automating cash workflows and business intelligence for corporate finance, accounting, & treasury departments. The company is rolling out a beta of Trovata AI to select customers beginning in May.
Trovata is backed by J.P.Morgan, Wells Fargo, and Capital One and has become the fastest-growing treasury platform in the U.S. It manages over $100 billion in cash for hundreds of mid-market & enterprise customers, including Square, Eventbrite, and Krispy Kreme. The company is redefining how companies manage their cash, working closely with banks using its own library of corporate banking APIs – the most extensive in the world. Customers use Trovata to visualize cash balances, analyze cash flow trends, forecast liquidity, make payments, and invest excess funds – all through automation from bank and other financial data that it aggregates, stores, and manages.
“The economic environment is rapidly shifting and finance teams are under more pressure than ever to provide business intelligence and manage their cash effectively, but they have few real tech-driven resources to help them do that,” said Brett Turner, founder and CEO of Trovata. “Trovata AI completely changes that, helping finance teams operate with great leverage and proactivity while still managing business risk.”
With the onset of generative AI providing unprecedented inspiration and automation to text-based tasks, it has lacked an entry point into the finance industry due to fears of inaccuracies in financial modeling and mathematical calculation. Trovata has developed a patent-pending formulation methodology for prompting that allows ChatGPT to take advantage of Trovata’s analytics and data APIs, while maintaining the security and privacy it’s known for. Its open finance platform works in concert with OpenAI’s Large Language Model (LLM) to marry the power and breadth of answers that ChatGPT can provide with the pinpoint analytics accuracy from finance and treasury tools and context of actual bank and other financial data it aggregates, stores, and manages for its customers. The new Trovata AI feature enables customers to complete financial scenario planning, answer complex financial questions or compile financial reports, all nearly instantaneously.
Trovata customers will be able to ask Trovata AI open-ended and complex questions such as:
- Give me a report showing all of my company’s cash outflows by cash flow type.
- Provide me with a list of cash inflows in US$ greater than $10,000 for the past month in descending order.
- What is our company’s cash high and low point in total across all banks and bank accounts in the last 12 months?
- What is our company’s burn rate for the past 12 months?
- Build me an FBAR report in a format I can file that meets IRS guidelines.
All while continuing to interact with the conversation as if speaking to a live person with follow up questions like:
- Can you reformat the data to be rounded to the nearest whole?
- Put the table into a stacked bar chart.
While these tasks could take hours of manual work, Trovata AI will complete them in seconds. The company plans to continue to iterate on the product and make use of its Machine Learning (ML) capabilities to accelerate improvements over time.
“Our mission is about offering more power, leverage, and autonomy to our users,” said Francisco PerezLeon, Vice President of ML. “This can be experienced in various features throughout the product. However, Trovata AI is upleveling our ML capabilities and taking us into new territory, which is going to make the journey with our customers that much more exciting.”
Trovata makes it easy for businesses to automate cash reporting, forecasting, analysis, and money movement. By bridging the gap between banks and accounting systems, Trovata helps companies gain powerful insights into their cash flows and facilitate better and quicker business decisions. As an end-to-end fintech platform for managing cash, Trovata collaborates with the world’s largest financial institutions to deliver next-gen banking services. Trovata is based in San Diego, CA.