Through the partnership, Santander will market and refer Trovata’s cash management platform to its corporate and investment banking clients to modernise treasury workflows through data-driven automation.
With Trovata’s platform, Santander offers its clients a way to digitally transform its cash operating workflows – automated cash reporting, deeper insights into analysing historical cash flows, and a contemporary labelling mechanism that uses artificial intelligence to model out future cash flows in seconds. The companies plan to collaborate in ways to improve cash visibility and cash flow insights to help its large corporate clients make better and faster business decisions.
Since February 2018 and coined 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 more dynamically, in real time, and richer in metadata. Trovata has followed the journey, helping the bank’s clients connect. As a result, it has become a comprehensive API-based aggregation hub for corporate bank data with its Treasury Cloud™ platform.
Trovata benefits from the partnership with Santander to expand outside the US and deploy its solution for the bank’s clients in key markets within Europe and Latin America. As representatives put it, cash forecasting with greater visibility, agility, speed, and precision is critical and universal. The company wants to make that possible through data-driven automation.
Previous in August 2022 Santander UK provided a new API-based payments product to its client, British cashback platform TopCashback. The API plugs the online cashback provider directly into the bank’s Faster Payments portal, slashing the time it takes to process TopCashback’s members’ cashback payouts.
TopCashback has contracts with a portfolio of brands that pay it a commission when its members shop with them. TopCashback then gives that commission back to its members as cashback. The bulk of TopCashback’s revenue comes from sponsored adverts and promotions on its website and bonuses it receives from retailers for referring large numbers of sales to websites.
Earlier in the summer the company announced plans to offer crypto trading to its clients in Brazil in the latter half of 2022. At the time, the bank announced plans to launch crypto-related services and could provide further news about the initiative in the company's next earnings release, in mid-October.
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