Banco Santander to Rollout Trovata to Automate Cash Forecasting & Liquidity Management for Corporate Clients
Trovata, the leading fintech in automating cash workflows through multi-bank API data aggregation for corporate finance and treasury teams, announced today a global distribution agreement with Santander. Through the partnership, Santander will market & refer Trovata's cash management platform to its corporate & investment banking clients to modernize treasury workflows through data-driven automation.
With Trovata's next-gen platform, Santander offers its clients a way to digitally transform its cash operating workflows - automated cash reporting, deeper insights into analyzing historical cash flows, and a contemporary labeling mechanism that uses artificial intelligence to model out future cash flows in seconds. The companies plan to collaborate in ways to continuously improve cash visibility and cash flow insights to help its large corporate clients make better and faster business decisions.
Eva Bueno, managing director & global head of cash management for Banco Santander, said: "Santander's commitment to innovation meets our clients' need to evolve tools and adapt their processes to a changing environment. We are really thrilled to bring to our clients the most advanced technology on the market for cash forecasting and liquidity management. Our purpose at Santander is to help our customers grow with the best solutions available. Trovata aggregates and transforms corporate banking data at scale and that automates much of the cash forecasting process, which will allow our clients to gain efficiency."
Since February 2018 and coned as "open banking," the world's largest financial institutions have been releasing APIs for direct access. In this way, as opposed to static files, balances and transactions are transmitted much more dynamically, in real time and richer in metadata. Trovata has been there every step of the journey to help the bank's clients connect. As a result, it has become the world's largest API-based aggregation hub for corporate bank data with its next-gen Treasury Cloud™ platform.
"We're excited to partner with Santander to expand outside the U.S. and deploy Trovata for the bank's clients in key markets within Europe and Latin America," said Brett Turner, Founder & CEO for Trovata. "Cash forecasting with greater visibility, agility, speed, and precision is not only critical, but universal. With data-driven automation, we not only want to make this possible, but available and accessible for every business throughout the world."
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 a next-gen technology platform, Trovata is helping many of the world's largest financial institutions digitally transform commercial and corporate banking with its growing network of direct API integrations. Trovata is based in San Diego, CA.
About Banco Santander
Banco Santander (SAN SM, STD US, BNC LN) is a leading commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in the Europe, North America and South America regions, and is one of the largest banks in the world by market capitalization. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank's purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising over €120 billion in green financing between 2019 and 2025, as well as financially empowering more than 10 million people over the same period. At the end of the first quarter of 2022, Banco Santander had €1.2 trillion in total funds, 155 million customers, of which 26 million are loyal and 49 million are digital, 9,900 branches and 198,000 employees.
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