Friday, June 10 2022

Omni and JP Morgan Announce Alliance to Deploy Working Capital Solutions in Latin America

By Edlyn Cardoza

June 03, 2022

  • Banking capabilities
  • Dynamic discount
  • FinTech

Omni, the data-driven FinTech focused on providing working capital solutions to small and medium enterprises in Latin America, recently announced a strategic alliance with JP Morgan. The strategic partnership will provide local and cross-border supply chain finance and dynamic discounting products and services to a broad customer base in the region through Omni’s proprietary platform.

“With this alliance, we are combining the strength of JP Morgan’s banking capabilities in Latin America and the data-driven capabilities of Omni, providing buyers and suppliers with the additional working capital they need to scale their business in challenging environment, improving supply chain stability and counterparty relationships,” said Diego Caicedo, CEO and co-founder of Omni.

The strategic alliance represents a step forward and a unique proposition in the region for both parties, as it will leverage JP Morgan’s expertise, customer network, financing and distribution capabilities with proprietary technology. ‘Omni to create, underwrite and maintain working capital solutions for enterprises, medium and large enterprises. commercial enterprises and SMEs. The strategic alliance helps protect the buyer’s supply chain from credit downturns and funding disruptions to ensure its supplier base has access to a reliable, early payment program.

“With a 150-year presence in Latin America, JP Morgan continues to invest in the future of Latin America, capitalizing on deep local expertise and a regional footprint. We are seeing customers have unmet needs for a dedicated Latin America supply chain finance solution that we believe is best positioned to meet with Omni’s technical capabilities,” said Ignacio Munoz De Cote, Head of Latin America Payments JP Morgan. “By leveraging Omni’s APIs, we can offer a simple and fast implementation process at no cost to the buyer, and work directly with the supplier to ensure all of their working capital needs are met.”

The strategic alliance accelerates JP Morgan’s market share in key Latin American countries, leveraging Omni’s current offering and increasing market share in the region. JP Morgan’s Payments business combines the company’s treasury, commerce and working capital, cards and merchant services to help customers pay anyone, anytime, from anywhere. anywhere in the world. Globally, JP Morgan processes approximately 40 million transactions per day worth over $10 trillion, is the world’s first USD clearer and the first bank to offer real-time USD payments , GBP and EUR.

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