National Australia Bank (NAB) has launched a new artificial intelligence (AI)-driven cash management, analytics, and forecasting platform, dubbed NAB Liquidity+, in partnership with NAB Ventures portfolio firm Trovata.
Powered by Trovata, NAB Liquidity+ will support corporate customers in bringing together their critical banking data.
The new platform will deliver extensive and real-time visibility of corporate customers’ cash positions. It will also provide them with dynamic cash insights and precision forecasting.
NAB Liquidity+ is targeted towards large-scale corporate and institutional clients with sophisticated cash, liquidity and working capital needs.
NAB transaction banking executive Jonathan Adams said: “NAB Liquidity+ is a cutting-edge digital platform that can drive cash and liquidity benefits, improve capital management, support working capital initiatives and generate long-term financial confidence for customers.”
The AI-based technology offered by Trovata will phase out time-consuming manual functions. It will allow treasury teams to generate and distribute precise, real-time financial information to company stakeholders.
The cash management, analytics and forecasting platform’s integration features will provide customers with secure access to both NAB and third-party bank accounts to consolidate cash flow data at a group level. This will enhance visibility and control, said NAB.
Trovata founder and CEO 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.
“Smart banks – like NAB – know this and are innovating to make their customer’s lives easier.”
Last year, NAB Ventures made an investment in Trovata during the latter’s Series B funding round. Trovata secured $27m in the round, which was led by Fin Capital.
