National Australia Bank uses Trovata’s tech to launch a new AI-enabled platform

National Australia Bank recently teamed up with a portfolio company Trovata in order to use its technology for its new initiative.

The bank’s new move is to create a brand new AI-driven platform offering a range of financial services, such as cash management, forecasting, and analytics. The new platform will be known as NAB Liquidity+, and Trovata’s technology will be crucial for its creation.

Trovata itself is a US startup, but it attracted the NAB’s attention thanks to its specialization in automating cash reporting and forecasting through wholesale, multi-bank API data aggregation.

Liquidity+ to help finance and treasury teams across the board

According to Jonathan Adams, NAB’s executive for transaction banking, the Liquidity+ platform will empower the bank’s corporate customers to bring together their crucial banking data. In doing so, they will provide real-time visibility of their cash positions, which will enable support for working capital initiatives.

Adams said that many of NAB’s corporate clients’ finance and treasury teams were struggling with large volumes of fragmented data, which made it difficult to manually reconcile and compile cash flow analysis in spreadsheets. He added that NAB decided to come up with a solution that would benefit everyone, including other banks and investors.

“We recognise most large corporates have more than one banking partner and we didn’t want this to be a limitation, which is why we’ve partnered Trovata, a global leader in bank APIs and enterprise cash management,” Adams noted.

Trovata’s CEO and founder, Brett Turner, also commented on today’s state of things for finance and treasury teams, noting that they are expected to do more than ever before, and at the same time, to navigate smaller budgets and work with fewer resources. “There is a strong need for automation so that they can spend less time in spreadsheets and more time as strategic advisors for their businesses. Smart banks – like NAB – know this and are innovating to make their customer’s lives easier,” he said.

Trovata is a new rising star among fintech startups

It is worth mentioning that NAB seemingly had Trovata in its sights for some time, as it became a major participant in the startup’s $27 million funding round that took place in June of this year. The round saw a number of other major players in the financial arena, such as Wells Fargo Strategic Capital, JP Morgan Chase Strategic Investments, and Capital One Ventures.

The new, API-based approach to aggregating bank transactions and balances in real-time holds great potential, and it already managed to draw in a number of bank and corporate participants and relationships. The product has already been installed by the mentioned participants in the funding round, including JPMorgan, Wells Fargo, and Capital One.

It is also notable that Trovata managed to ink a global distribution deal with Banco Santander only last month, in September 2023.