Cloud-based freight management platform EKA Solutions Inc. Monday (November 29) launched a wholly owned subsidiary focused on providing working capital financial services to carriers, brokers and shippers of small and medium-sized businesses (SMEs) starting in January, according to a report from Yahoo Finance.
“Given the rapidly growing volume of freight processed through the EKA Omni-TMS platform, it is time for EKA to scale up and accelerate its contribution to enable freight carriers, brokers and SME shippers to enjoy a double benefit – not only using EKA Omni-TMS to digitally manage their freight management operations, but also digitally consume and manage working capital services ”, Founder and CEO of EKA Solutions JJ Singh said in the company’s announcement.
“The combination of the deep financial services experience of EKA’s management teams and the best-in-class financial services platform enables EKA to provide working capital solutions and services that further help SMEs compete. with their very savvy competitors, ”he said.
The EKA Omni-TMS platform is a cloud-based, native Software-as-a-Service (SaaS) transportation management system (TMS).
“EKA’s freight and working capital management solutions and service workflow processes have been optimally merged for the highest possible productive and transparent user experience and to reduce customer loan costs.” , said Mark Walker, president and CDO, in the announcement.
“The result is a highly effective and efficient open-loop automated debt financing and payment digital platform for any carrier, broker and shipper,” he said.
Related: PACCAR says new connected truck platform is part of its digital transformation
Meanwhile, heavy rig maker PACCAR unveiled a global connected truck platform last month for the Kenworth, Peterbilt and DAF brands.
The PACCAR Connect system includes proprietary hardware and software that will simplify customers’ fleet management operations. The company started installing PACCAR Connect on DAF XF, XG and XG + trucks in October.
PACCAR had to cut its truck deliveries by around 7,000 vehicles in the third quarter due to semiconductor shortages, with Kenworth, Peterbilt and DAF delivering 32,800 trucks.
The company has also partnered with Aurora and FedEx to launch a commercial pilot project of self-driving trucks transporting freight on a 500-mile round trip between Dallas and Houston using an emergency driver.