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Out-of-the-box Inspirations

As cash management revenues shrink, banks turn to tech entrepreneurs for innovation

By Richard Gamble | Updated on April 01, 2006

Citigroup worked for months with Pepsico Inc. to develop its latest and most impressive stab at automated, real-time global liquidity management, TreasuryVision. But while Citi and Pepsi developed much of the process and methodology, which collects and consolidates worldwide account information, a small network communication services company, named Evare LLC, provided a key piece of technology that allowed Citi to tap into even the most far-flung or byzantine bank for information and make TreasuryVision a truly global tool.

Based in Burlington, Mass., Evare today bears little resemblance to the company formed in 1996 by a provider of accounting packages and desktop services serving state and local governments. When Evare discovered those governments needed help pulling together their various bank balances and reconciling them, it saw a broader opportunity in the corporate and financial services markets and moved in that direction.

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