NAB partners with US fintech to deploy AI-backed treasury solution

NAB Liquidity+ NAB Trovata partnership fintech cash management corporate

NAB has announced the launch of a “cutting-edge” digital cash management, analytics and forecasting platform for its corporate clients, backed by the artificial intelligence (AI) technology of an NAB Ventures portfolio company, Trovata.

Dubbed NAB Liquidity+, the platform is designed to improve capital management and support working capital initiatives of the bank’s large-scale corporate and institutional clients.

NAB said the platform would “empower corporate customers to bring together their critical banking data, providing comprehensive and real-time visibility of their cash positions and delivering dynamic cash insights and precision forecasting”.

By combining the bank’s treasury solution with Trovata’s AI-based technology and APIs, the pair note, NAB’s corporate client finance teams can consolidate cashflow insights at a group level, with access to both NAB and third-party bank account information, and improve the accuracy and control of financial information.

In a statement, NAB executive for transaction banking Jonathan Adams recognised the challenges faced by finance teams of the bank’s corporate clients, whom he said are “grappling with large volumes of fragmented data”, often based in spreadsheets, for their cashflow analyses.

He added that the new solution recognises that most large corporates have more than one banking partner.

“[This] is why we’ve partnered Trovata, a global leader in bank APIs and enterprise cash management.”

NAB boasts that Trovata’s AI-based technology “eliminates time-consuming manual tasks and enables treasury teams to create and distribute accurate, real-time financial information to company stakeholders”.

Headquartered in San Diego, California, Trovata notes that its automated cash management platform manages more than US$100 billion daily.

Trovata is also a NAB Ventures portfolio company, with the bank’s VC arm last year taking part in the fintech’s $27 million Series B funding round.

Speaking on the partnership, Trovata founder and chief executive, Brett Turner said: “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”.

He added: “Smart banks – like NAB – know this and are innovating to make their customer’s lives easier.”