Payments Guide

In this Payments guide, you'll learn how to utilize the Trovata payment experience to submit various payment types, establish fine-grained workflows for approval management, and utilize bulk & templated payments.

Supported Connections

Note: Currently, international payments are only supported via JPM, with more international support coming soon.

It’s important to note that Trovata does not process any payments – we help our customers orchestrate payments within our platform.

Payments can be initiated through Trovata, which leverages bank APIs to then send them to the banks directly (without the need for a third party intermediary).

In the end, it’s the banks who are processing the payments and provide back their status information, so that they can easily be tracked within Trovata.

Benefits of the Trovata Payments Experience

Trovata is the only bank API-based payment experience that replaces bank portals safely, manages approvals, and delivers Real-Time Payment (RTP) capabilities with zero transaction fees.

Key Highlights:

Payments User Roles/Tasks

Admins

Payment Admin/User permissions are set in the Entitlements section of Settings

Dual Admins → Dual Approvals

Admin Tasks

Now, you might be asking, “Okay, well, there’s a lot of highly sensitive information when it comes to payments, who is allowed to actually read these payments, who can initiate them, who is allowed to edit workflows, and who’s allowed to edit templates?”

In the settings area of Trovata, you are able to configure those permissions within User Groups.

User Groups are groups of users with a set of permissions that are meant for the entire Trovata app. That means, based on the User Group, you can grant specific permissions.

For example, if you look at your Admin User Group in Trovata, you can see all the users within it and the permissions they have in the Entitlements section. Looking at payments specifically, for example, you could see that everyone in this User Group is allowed to read a payment, initiate a payment, and so on.

Typically, only the Admin or the Account Owner can update user permissions.

When you onboard to the Trovata Payments Experience, our team will do an in-depth analysis alongside you to make sure we can, first, create the most effective workflows for your needs, and second, ensure the entitlements for your company makes sense for payments specifically, working through permissions with you.

When you click “Payments” in Trovata’s main navigation, you will arrive at the Payments Dashboard which shows you a list of all of the payments that have ever submitted through Trovata at a glance.

Each Payment Record in this section will have a name, initiation date, origin account “From”, beneficiary account “To”, amount, payment type and status. Some of the statuses you will see are Trovata-specific and the other statuses are based on information from the banks.

3 Ways to Initiate Payments

On the right side of the Payments Dashboard, you will find a blue button called “New Payment.”

This is where you can initiate a new payment, choosing from three options: manual, template, or bulk.

Let’s look at each in-depth:

Manual Payments

As it sounds, sending a manual payment flow is very straightforward and will be similar to what you’ve likely experienced when sending a payment via bank portal.

Here’s the process of sending a manual payment:

It’s that easy!

Another great benefit here is that you can choose to send it upon release, which is immediate, or you can actually schedule it to send it out in the future.

Once you submit this payment, whichever workflow is tied to the account that the payment was disbursed from, will be triggered (which we will go over in the next step).

Make a Payment From a Template

To make a payment from a template, the process is very similar. However, the first step is to select from a pre-configured template that you want to use. You will go through all the same steps as above, however, the beneficiary information will be pre-populated for you.

Similar to manual payments, payments from a template can also be scheduled immediately or for a future date.

Bulk Payments

Bulk payment processing allows users to initiate and approve multiple payments at once. To use bulk payments, users must upload spreadsheets in CSV format provided by Trovata. Bulk payments support ACH, Wire, and Transfer payments. This article outlines the requirements for each payment type and explains how they should be formatted within the file.

A CSV is a file of comma-separated values. It is a generic format supported by many spreadsheet applications, including Excel and Numbers. These applications also allow you to export your spreadsheet as a CSV file. Uploading any other file type is not supported. Please contact your Trovata representative for assistance with other file types or ERP integrations.

Before using bulk payments, the following requirements must be met:

What’s different about bulk payments versus batch payments?

We created bulk payments to overcome some of the hurdles that teams face when it comes to making batch payments.

When you think about a batch payment, all those payments are going to one specific bank only. Once they’re sent to that bank, you must go through the entire process of un-batching them after they’ve been submitted. And, unfortunately, if one of the payments in the batch fails, the entire batch fails. So that means every single payment in that batch has to now be resubmitted.

Alternately, what happens when you send a bulk payment in Trovata?

You can use multiple banks and multiple payment types and each payment gets submitted as individual payments to the banks. So if one of the payments in the bulk fails, the entire bulk doesn’t fail, the rest of your payments can still successfully be submitted.

Now that you’re familiar with the Payments Dashboard and know the different types of payments, it’s time to set up your payment workflows.

The most customizable part of Trovata’s Payment experience, workflows allow you to have as much fine-grained control as possible regarding the payments that you send to the bank.

Workflows are as customizable as possible so that, whether you work in a smaller company with a one-person treasury department, or you’re at a large enterprise that requires several checks and balances to be in place before sending a payment, Trovata can fit your needs.

How to set up a payment workflow:

Again, creating a payment template in Trovata will be similar to how you may have done it before using a bank portal.

You can set up a new template by navigating to the templates dashboard.

Here is a view of the templates dashboard in Trovata Payments.

The first step will be to name the template, and then you choose the specific payment type for it – whether it’s ACH, RTP, or Wire.

Next, add all of the rest of the information and then you can confirm and save the template.

Once it is saved, you can see all of your templates on the templates dashboard. Then, when you go to create a new payment using a template, all the available template options will come up and once you select a template, all the beneficiary information will be auto-populated for you.

1). Who can create or modify templates, workflows, and/or account details?

2). Which users can initiate a payment?

And that wraps up how you can get started with Trovata’s Payments experience! As you can see, there are plenty of ways to take advantage of the various payment types (RTP, Transfer, ACH, and Wire) and payment methods (Manual, Template, Bulk).
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