Statement, the leading AI-powered cash intelligence platform, has officially announced a partnership with U.S. Bank to join the latter’s Connected Partnership Network (CPN).
According to certain reports, the stated collaboration will introduce U.S. Bank’s corporate clients to Statement’s innovative cash intelligence solutions. This it will do to modernize the way treasury teams gain cash visibility, and at the same time, develop reliable cashflow forecasts.
To understand the significance of such a development, we must take into account how corporate treasury teams are up against growing challenges in the context of managing global cash operations, forecasting liquidity needs, and driving strategic decisions. The same can be understood once you consider at least a third of corporate treasury teams are still manually consolidating cash positions in Excel, which is a process prone to errors and reporting delays.
These inefficiencies, on their part, relay the growing demand for advanced, AI- driven tools that provide treasurers with real-time and accurate reporting, along with strategic decision-making capabilities, something which is an essential when managing the complexities of modern businesses with multiple bank accounts, legal entities, and currencies.
“Our mission is to equip finance teams with smarter tools, and AI is at the core of everything we do,” said Idan Vlodinger, CEO and Co-Founder at Statement, “U.S. Bank is a trusted leader in financial services, and this partnership reflects our shared commitment to helping organizations drive efficiencies in their treasury operations, achieve greater control over their financial growth and meet their critical cash needs in the moments that matter.”
Talk about Statement’s cash intelligence solutions on a slightly deeper level, we begin from the company’s bank connectivity and data enrichment solution. This particular is designed to aggregate data from banks, ERPs, and payment service providers (PSPs) into a unified view. Furthermore, it relies upon the power of AI to recognize, categorize, and enrich transaction data for the purpose of delivering accurate insights and saving valuable time.
Next up, we have a global cash visibility facility. The stated facility can basically provide you with a unified view of cash positions across accounts, entities, currencies and banks, with the given lowdown delivered in an intuitive format to enhance liquidity management and support decision making.
Statement also makes it possible for you to access AI-driven cash flow forecasting, which can offer you unlimited 13- and 52-week forecasts powered by custom AI/ML models. These forecasts are also dynamically updated with automated transaction and ERP data inputs. On top of that, customers can come expecting built-in flexibility to make adjustments as scenarios evolve, thus enabling better strategic planning and mitigation of financial risks.
Another detail worth a mention here is rooted in Statement’s promise to provide automated accounts receivable reconciliation. Here, the company basically leverages advanced AI/ML algorithms to match received payments with open invoices in the ERP. By doing so, it can cut down on reconciliation time by up to 75%. Such a setup eliminates guesswork and allows teams to concentrate on high-value outstanding collections and improve cash flow management.
“The Corporate treasury teams of our clients consistently highlight cash forecasting and data clarity as one of their most pressing challenges,” said Alberto Casas, head of product for U.S. Bank Global Treasury Management. “By welcoming Statement to our Connected Partnership Network we are providing our clients with seamless access to innovative AI-centric solutions that transform how they manage cash, forecast with confidence and drive financial agility.”
Founded in 2022, Statement’s rise up the ranks stems from leveraging advanced AI and machine learning to enrich financial data, automate workflows, and provide real-time visibility into cash positions, dynamic cash flow forecasting, and transaction categorization, without any need to invest in IT resources. The company’s excellence in what does can also be understood once you consider Statement is currently backed by the likes of Glilot Capital Partners, Citi, Mensch Capital Partners, and Titan Capital
