Supply chain software provider Suuchi is giving Latin American clients an integrated solution for managing finances.
The enterprise resource planning (ERP) and product lifecycle management (PLM) technology company has teamed with Bankamoda, an alternative bank that offers invoicing and purchase order financing. The partnership will allow Suuchi’s GRID users—encompassing PLM, ERP and a global sourcing network—to access Bankamoda’s financing through the software’s front end.
The partnership offers Latin American companies a way to “compare and evaluate costs of financing for different payment terms and choose the best option” for their businesses. GRID users already manage their workflows and supplier transactions through the software’s front end, and now, financing terms and associated data will be included. The GRID serves as a “single source of truth” for brands and manufacturers to design, conceptualize, track, collaborate and report to upstream and downstream supply chain stakeholders. It provides updates and analytics across product development, sourcing, production, quality control and logistics operations.
“This partnership comes at a time where demand for Latin American production has been exponentially growing,” Suuchi said in a statement. “GRID customers will be able to leverage Bankamoda’s unmatched understanding of the Latin American market and move even larger volumes nearshore by availing Bankamoda’s payment terms.” Bankamoda has developed an advanced technology engine that assesses criteria in customer and supplier profiles to determine financing solutions and rates.
Suuchi’s recent Latin American investments match the industry’s rising interest in nearshoring. The company has connected brand customers to suppliers in the region through the GRID. Focused on flexible financial solutions for the regional market, Bankamoda is run by entrepreneurs and bankers passionate about facilitating social transformation by bolstering small and medium-sized businesses. According to Suuchi, that social impact vision helped bring the companies’ leadership together.
“I am inspired by Maria’s social movement, and equally pumped about the massive size of the market we have the potential to dominate with this partnership,” Suuchi founder and CEO Suuchi Ramesh said of Bankamoda CEO and founder Maria del Mar Palau, adding that she is “excited to connect USA’s manufacturing demand with Latin America’s incredible infrastructure.”
“Social mobility driven by business growth and technology is our obsession and what defines us as a team,” del Mar Palau added. “We focus on our client’s experience and growth by understanding where they are in the business cycle, their growth stage, and their opportunity to make a positive impact in the community,” .