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Trovata launches a generative AI finance and treasury tool

Thursday 4 May 2023 11:30 CET | News

US-based Trovata has announced the launch of a generative AI finance and treasury tool based on OpenAI’s ChatGPT platform.

 

According to Trovata, this is the first generative AI entrant in the fintech space, and it was designed to automate cash workflows and business intelligence for corporate finance, accounting, and treasury departments. Starting with May 2023, the company is rolling out a beta version of Trovata AI to select customers. 

Company representatives cited by prnewswire.com talked about the rapidly shifting economic environment and how it puts pressure on finance teams to provide business intelligence and manage their cash effectively. Given the lack of tech-driven resources that can help them do that, Trovata AI can fill the gap and aid finance teams to operate with proactivity while still managing business risk. 

According to prnewswire.com, generative AI has lacked an entry point into the finance industry due to fears of inaccuracies in financial modelling and mathematical calculation. To address this issue, Trovata has developed a patent-pending formulation methodology for prompting, which gives ChatGPT access to Trovata's analytics and data APIs without sacrificing security and privacy. 

Trovata AI allows customers to complete financial scenario planning, answer financial questions, or compile financial reports quickly and efficiently. Some of the more complex questions that Trovata AI will be able to provide answers to include:

  • Provide me with a list of cash inflows in USD greater than USD 10,000 for the past month in descending order.
  • Give me a report showing all of my company's cash outflows by cash flow type.
  • Build me an FBAR report in a format I can file that meets IRS guidelines.
  • What is our company's cash high and low point in total across all banks and bank accounts in the last 12 months?
  • What is our company's burn rate for the past 12 months?

US-based Trovata has announced the launch of a generative AI finance and treasury tool based on OpenAI’s ChatGPT platform.

 

Other developments from Trovata

Trovata is backed by J.P. Morgan, Wells Fargo, and Capital One and it manages more than USD 100 billion in cash for customers such as Square, Eventbrite, and Krispy Kreme. Trovata works closely with banks using its own library of corporate banking APIs to redefine how companies manage their cash. Customers can use Trovata to check cash balances, analyse cash flow trends, forecast liquidity, make payments, and invest excess funds. 

In September 2022, Trovata announced a global distribution agreement with Santander. Through the partnership, Santander referred 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 offered its clients a way to digitally transform its cash operating workflows by legeraving automated cash reporting, deeper insights into analysing historical cash flows, and a contemporary labelling mechanism that uses artificial intelligence to model future cash flows in seconds.


Source: Link


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Keywords: artificial intelligence, product launch, treasury, fintech
Categories: Banking & Fintech
Companies: Trovata
Countries: United States
This article is part of category

Banking & Fintech

Trovata

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