California-based treasury technology firm Trovata has  signed a global distribution agreement with Santander. Under the deal, Santander will offer Trovata’s cash management platform to its corporate clients.

The agreement comes weeks after Trovata announced it was expanding into Europe with new offices in London and Amsterdam. 

Eva Bueno, managing director & global head of cash management for Banco Santander, said the bank was, “Thrilled to bring to our clients the most advanced technology on the market for cash forecasting and liquidity management.”

For Trovata, Founder and CEO Brett Turner said the firm was, “Excited to partner with Santander to expand outside the U.S. and deploy Trovata for the bank’s clients in key markets within Europe and Latin America.” 

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Treasury Intelligence Solutions (TIS) has acquired cash forecasting specialist Cashforce for an undisclosed sum. The news comes just days after TIS announced €50m in new funding from Kreos Capital. 

The two companies had already been close collaborators with several clients using both solutions. Now Cashforce's cloud solution will be fully integrated with TIS's SaaS payments platform. 

Erik Masing, Group CEO of TIS, described the acquisition as ‘A natural extension of our business that will allow TIS to further integrate Cashforce's solution with our platform in order to offer advanced forecasting and data management capabilities to all our clients.’

The move represents further consolidation in a treasury systems market that has already seen Nomentia acquire TIPCO, Coupa acquire Bellin and Bottomline take over TreasuryXpress.

Treasury Intelligence Solutions (TIS) has agreed a debt facility of  up to €50 million with Kreos Capital to fund ambitious growth plans.  In a statement, TIS said it would use the new funding for, 'New product innovations, potential acquisitions, and continued geographic expansion.' The debt financing comes in addition to $40 million in equity financing previously raised by the Heidelberg-based business. 

Erik Masing, CEO of TIS, said, 'The funding comes at the perfect time for TIS as we look to expand our geographic footprint, push into new verticals, and extend core platform capabilities. We look forward to working with Kreos on executing our strategy.”

Sean Dunne, General Partner of Kreos Capital, described TIS as, 'An industry leader in enterprise B2B payments, cash management, and fraud prevention solutions. We look forward to working with the management team to achieve their growth objectives.'

California-based cash management platform provider Trovata is expanding into Europe with new offices in London and Amsterdam. The news comes as the firm closed a $27m series B funding round, led by Fin Capital, alongside existing investors including JPMorgan Chase Strategic Investments. 

Trovata launched in 2019, using APIs to connect multiple data sources, including banks, to give a full picture of cash across the organisation. In 2021 it raised $20m in its series A round and already has a strong group of US clients such as Square and Bandwidth.

'We’ve not only built out the largest library of corporate banking APIs in the world, we’ve also built an entirely new end-to-end platform, an operating system to manage cash better, faster, and smarter,' said Brett Turner, founder and CEO at Trovata. “We’re super excited to expand into the UK and the EU.'

ION Treasury has integrated Neterium's Jetflow sanction screening product into its Wallstreet Suite payment factory platform.  

​Wallstreet Suite provides a payment hub for cash movements. The new agreement will mean that all settlements passing through the system are screened using Jetflow as they go through the payments workflow before being sent to the bank.  

'Partnerships are key to Neterium’s success,' said Luc Meurant, CEO at Neterium. 'We partner with digital platforms, financial services providers, solutions, and data vendors to add advanced screening capability to their platforms and solutions, enhancing their customers’ experience. '

Crowd Data Systems,  co-founded in 2016 by Kelly Scammell and Steve Whalley, has raised its first €1m in a seed round led by Triple Point Ventures and Portfolio Ventures.

The treasury technology company targets mid-sized corporations with a cloud-based system that connects across banks, finance systems, dealing platforms and industry reference data. It now  counts more than 90 businesses as clients, operating across 32 different countries. They include Flight Centre, TI Fluid Systems; and New Zealand-based treasury outsourcing company ETOS. 

Scamell said the team were, 'Excited to embark on the next stage of our journey. Historically, the treasury systems market has been focused on larger companies but now outdated legacy technology and a lack of innovation are limiting its potential. CDS is revolutionising the industry to remove technical complexity which will enable us to bring the benefits of modern treasury apps to a wider global market facing similar issues.'​

Deutsche Bank is partnering with  FinLync, using its pre-built API integrations and SAP-embedded treasury applications to allow corporate clients to connect to Deutsche Bank’s API offerings. 

FinLync’s product suite includes apps for cash visbility, real-time payment tracking, beneficiary account pre-validation and automated reconciliation.

'Our integration with FinLync makes it much easier for corporates to adopt our banking APIs and shortcut the road to automated, real-time treasury,” said Kerstin Montiegel, global head client connectivity / digital client access channels at Deutsche Bank.

Phillip Klein, co-founder and CEO of FinLync, said the company was, 'Excited to join forces with Deutsche Bank’s renowned Corporate API Program. Corporate finance teams have long sought the ability to access all their available bank data and deliver it directly into their existing systems.'

 Kyriba has developed a new API connector with ICD (Institutional Cash Distributors), the portal provider for money market products.

The integration allows treasury teams to research, trade, analyse, and report on investments, and sweep excess bank balances into money market funds to ICD from their Kyriba Dashboard.

Felix Grevy, head of connectivity and open APIs at Kyriba, described the ICD link as, 'Part of a larger effort to ensure our clients have the best opportunity to improve returns on their excess cash.'

Sebastian Ramos, EVP, global trading and products at ICD, added, 'With single sign-on and deep integration with Kyriba, our joint clients limit risk and add efficiencies to their cash and liquidity management processes.'

Earlier this year, Kyriba opened its application platform to developers wand has since expanded the developer portal with new self-service applications and an App Marketplace. 

SEB is partnering with TreasurUp to offer its automated foreign exchange hedging module to its commercial banking clients. SEB and TreasurUp will also work jointly on integrating the platform with the bank’s clients’ ERPs, enabling full automation of FX risk hedging.

‘The market for automated hedging services offered by banks is relatively new and SEB wants to be at the forefront of that,’, said James Prasad, head of FX business development at SEB.
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TreasurUp CEO Niels van Daatselaar, added, ‘TreasurUp is delighted with SEB as a new partner. SEB is a very innovative, open, and professional bank which is a great starting point for joint innovation.’

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Nomentia has signed a strategic partnership deal with AP Automation and spend management platform Medius.

​The agreement will add bank connectivity to the platform, especially important for Medius’s Nordic customers as they aim to take advantage of developments such as the P27 initiative, which will establish a single pan-Nordic payment infrastructure for the region’s 27 million citizens.

Jukka Sallinen, CEO at Nomentia, said, ‘The partnership with Medius unites AP automation and payments with our extensive bank connectivity. I look forward to working with Medius, whose expertise in AP automation and spend complement our own in global cash and treasury management.’

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