ChatGPT is now powering treasury management: A startup built a privacy-preserving tool that lets businesses quickly search their bank data.
There’s a new AI-powered chatbot to help execs with their financial analysis and planning.
Trovata – a startup backed by JPMorgan, Wells Fargo, Capital One, and NAB – connects to corporate banking APIs to let finance execs analyze their cash flow trends, forecast liquidity, and make payments and investments.
Now, it’s integrating with OpenAI’s ChatGPT to let execs ask open-ended and complex questions that would previously have required hours of manual work to research. For example, a user could ask for their firm’s cash high and low points in total across all its bank accounts in the last 12 months… and get that answer in seconds.
While Trovata’s bot integrates with OpenAI’s technology, customers’ banking data never leaves its platform.
“We have formulated an approach that gives ChatGPT just enough context about how our database is structured so that it can then go and query it using our APIs, but it does not receive the data,” the company said. It has also engineered guardrails to stop the system from being able to “hallucinate,” or make up answers.
Trovata’s customers include Square, Eventbrite, and Krispy Kreme, and several big banks either partner with Trovata or tout its services. Its tech powers JPMorgan’s corporate trading platform, Morgan Money, while Wells Fargo and Banco Santander refer their clients to the startup.