Trovata, the pioneering force in corporate bank APIs, announces a new collaboration with Swift, the world’s leading provider of secure financial messaging services, which will extend the benefits of Swift’s tracking capabilities to more businesses through API connectivity.
Connecting to Swift means Trovata can offer its multi-banked corporate customers unparalleled access to their corporate banking data and on-demand, real-time liquidity monitoring, while positioning Trovata’s data-driven platform as an alternative bank connection method for corporate finance and treasury teams.
The collaboration aims to enhance the relationship between multi-banked Trovata customers and their banking partners by enabling corporates to rapidly gain a consolidated view of their banking data. Trovata has connected to Swift through Alliance Cloud, Swift’s cloud access solution, which provides API connectivity to Swift’s community of more than 11,500 banks, financial institutions, and corporates.
“As the pioneer in bank APIs for corporate finance and treasury, we’re thrilled to be innovating with Swift to enhance the experience of our customers by connecting them directly to Swift’s global community and enabling them to manage directly all connection types and all data formats, prior day or real-time,” said Brett Turner, Founder and CEO of Trovata. “By normalizing bank data across both new and legacy protocols, we transform raw cash flow data using ML and AI into building blocks for a smarter, cheaper, and faster corporate finance and treasury org.”
Trovata will also make its Swift Direct product available through its embeddable Multibank Connector, to expand its global footprint to include banks that do not yet use APIs. Trovata will become one of the first service providers with a direct API to Swift.
Juan Martinez-Compan, Managing Director, Digital Ecosystems at Swift, said: “Swift is significantly uplifting the cross-border payments experience with advanced capabilities that increase the speed, transparency, and predictability across our extensive global network. This collaboration is just one example of how we’re extending these capabilities to our banks’ customers, enabling them to streamline and optimize their operations with real-time views on their cash flow across multiple banks.”
APIs are rapidly transforming the landscape of corporate banking, offering richer data and more flexibility than ever before, but they’re not yet ubiquitous and lack a universal standard, making data difficult to manage for companies with multiple banking relationships. Trovata’s proprietary platform overcomes this hurdle by normalizing data across APIs and file-based formats, providing a seamless experience for its users. Meanwhile, as bank APIs proliferate and evolve, Swift Direct gives Trovata customers and partners the best of both worlds.
With its cloud-native architecture, Trovata can handle structured data such as ISO 20022 at scale, using modern technology like natural language search, machine learning, and Generative AI, enabling businesses to modernize their corporate finance and treasury functions. The platform aggregates, normalizes, stores, and indexes corporate bank data, with features like auto-reconciliation helping to ensure reliability and redundancy.