Trovata partners with J.P. Morgan

Throughout this partnership, the institutions designed two new offerings for Corporate Investment Banking (CIB) clients and customers: the J.P. Morgan Treasury Workstation and the J.P. Morgan Multibank Reporting, both powered by Trovata. 

The capabilities are set to improve the overall treasury management for the bank’s CIB users. Furthermore, Trovata will enable the financial institution to provide its clients with real-time data, connectivity, and onboarding processes across multiple banks via a single API. 

The J.P. Morgan Treasury Workstation was developed to enable corporate clients to access Trovata’s secure and efficient multibank treasury management software through the usage of their J.P. Morgan relationship. At the same time, the J.P. Morgan Multibank Reporting will optimise the bank’s current SWIFT-based multibank reporting service by opening up a suite of API-based connections. 

The collaboration is set to provide customers with real-time access to detailed insights into their cash flows, which will further allow the users to make improvements to their overall business decisioning process. Banks will be enabled to meet the needs, preferences, and demands of their clients, as well as to deliver an overall optimised customer experience by streamlining multi-bank cash visibility and management. 

J.P. Morgan’s recent strategy of development

J.P. Morgan had multiple partnerships and developments in the last couple of months, covering several geographic areas around the world. 

In October 2023, the financial institution announced the launch of its Securities Services Data Mesh for institutional investors, which was made available through Fusion. The product was developed to enable investors to retrieve critical investment data held by J.P. Morgan’s Custody, Fund Accounting and Middle Office solutions. It also leveraged cloud-native channels, such as REST APIs, Jupyter notebooks, and the Snowflake Financial Services Data Cloud. 

Following this launch, organisations that aimed to leverage the scalability of the cloud’s infrastructure and tap into the accelerated growth and quick development in analytics, artificial intelligence (AI), and machine learning (ML) needed access to data within a modern technology stack which was already available for analysis.

Earlier in September 2023, J.P. Morgan announced that it was designated by the US Treasury Department under a financial agency agreement, in order to provide account validation solutions for federal government agencies. 

According to the press release published at the time, the programme was awarded to the financial institution after a selection process, and it was set to extend for a period of a minimum of five years. J.P. Morgan was expected to verify critical payment information for the federal government before any payments or transactions were issued. The bank’s technology was set to improve the process of verifying payment details by leveraging its extensive network of secure client information, as well as industry data that the financial institution regularly accesses for payment processing.