PITTSBURGH, Nov. 9, 2021 /PRNewswire/ -- PNC Treasury
Management today announced a new cash management application
called, PINACLE® Cash Forecasting, which leverages
artificial intelligence (AI) and machine learning (ML) technology
to offer companies a glimpse into their financial future. The new
application automates a tedious, error-prone task and seeks to
provide treasurers with more time to actually use the cash forecast
versus simply building it.
"We know that our clients rely on us to provide innovative
solutions and tools to help them be successful and keep their
businesses running smoothly," said Chris
Ward, executive vice president and head of Data, Digital
& Innovation for PNC Treasury Management. "Removing
complexities and obstacles for ongoing tasks is central to our
work, and we know PINACLE Cash Forecasting will be a critical
resource for our clients as they continue to operate in disrupted
working environments."
This bespoke, bank-agnostic application allows clients to
forecast across their entire portfolio using existing data
available in their treasury management or enterprise resource
planning systems, or their previous day's information reports.
Understanding that every business wants to forecast their data
differently, users can create a forecast based on their specific
business needs, structure, seasonality and revenue cycle.
PINACLE Cash Forecasting leverages AI and ML to train five
different models to find the most accurate model-set based upon a
client's inputted historical data. After the module is trained, it
can be updated daily to produce a 31-, 60- or 90-day rolling
forecast to help: predict future cash flow, plan for the gap or
surplus, and gain better insight into current and future cash
positions for various scenarios. Additionally, the PINACLE Cash
Forecasting module retains previous forecasts and produces a
back-test to help show the accuracy of the forecasts all housed
within the application.
PNC Treasury Management offers a platform of innovative,
end-to-end technologies and experienced teams that help clients
architect and implement a cohesive cash management system for their
business. PNC is committed to investing in leading technology and
will continue to support its clients as they work to opitimize
working capital, achieve faster, more secure transactions and drive
their business forward.
PNC Bank, National Association, is a member of The PNC Financial
Services Group, Inc. (NYSE: PNC). PNC is one of the largest
diversified financial services institutions in the United States, organized around its
customers and communities for strong relationships and local
delivery of retail and business banking including a full range of
lending products; specialized services for corporations and
government entities, including corporate banking, real estate
finance and asset-based lending; wealth management and asset
management. For information about PNC, visit www.pnc.com.
CONTACT:
Whitney Wilson
(214) 871-1209
whitney.wilson@pnc.com
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SOURCE PNC Bank