Low-Code Embedded Banking Solution for Bank Portals, ERPs, and Other Finance & Treasury Systems
Trovata, the global leader in corporate banking APIs, announces the launch of its new Multibank Connector which includes the most extensive library of direct-to-bank APIs to power financial services worldwide. Much like data aggregation solutions contributed to the rise of fintech in consumer banking, Trovata now offers a low-code, embeddable, self-service connectivity experience for corporate bank accounts. Backed by the largest corporate & institutional banks, Trovata’s API platform provides a streamlined way to access balances, transactions, and payment rails. The solution is set to accelerate innovation in corporate banking, finance, accounting, and treasury services for mid-market and enterprise companies.
Trovata offers a unique data transport layer for corporate multibank connectivity. As a fully managed service, the Multibank Connector handles client onboarding and consent, and includes groundbreaking features to ensure data quality, accuracy, completeness, and security. These features include built-in reconciliation with automated self-healing, unlimited data storage, and a modern infrastructure that can process billions of bank transactions in milliseconds. This platform differentiates Trovata significantly from legacy service bureaus and traditional file-based sFTP services, offering a better, cheaper, faster, and more secure solution than any other on the market today.
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“APIs are the modern building blocks for digital transformation, and yet corporate treasury globally still runs on legacy sFTP services with file formats from the ’80s,” said Brett Turner, founder and CEO of Trovata. “Cloud-native infrastructure, along with bank APIs that provide rich metadata, enable deeper intelligence and automation. With Trovata, treasurers are using AI to better manage risk, controllers are automating reconciliation, and CFOs are discovering that bank transactions labeled by cash flow type at scale are a powerful financial operating tool to improve capital efficiency.”
Since 2018, Trovata has pioneered access to banking APIs, working closely with banks globally to democratize broader use and often being the first to connect a live client. This has led to early adopter banks becoming partners and investors. While Trovata has used its platform to create a next-gen user experience for managing cash and liquidity for hundreds of mid-market and enterprise customers, it is now making its APIs available to banks, ERPs, treasury management systems (TMS), and other financial software providers to power a broader partner ecosystem.
The corporate banking landscape is evolving. In the past five years, many of the largest financial institutions have started developing API programs for their commercial and corporate banking clients. These APIs allow clients to access account balances and transactions directly and move money in real-time. However, unlike the rapid adoption of APIs in retail banking for consumers and small businesses with less than $10 million in annual revenue, the rollout for larger companies has been much slower. This is due to banks’ outdated core infrastructure and stricter security and regulatory requirements, making APIs in wholesale banking for mid-market and enterprise companies difficult to connect to and use. Trovata is bridging this gap.
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