TriumphPay announced that in January, the payment platform division of TBK Bank, SSB, had successfully beta tested TriumphPay’s full open payments network, leveraging recent technology investments to provide an undisclosed number of remittances between two payors and five payees from initial invoicing to final payment.
After TriumphPay acquired cloud-based automation software Hubtran in April for $97 million, its plan was to use that back-office technology to create a single, integrated payments platform that could be used by all supply chain actors, including shippers, brokers and carriers.
It successfully built our TriumphPay Audit, providing the tools for payment workflow management, a process of receiving payments electronically known as optical character recognition and the machine learning capabilities it had inherited from the Hubtran purchase.
Now, with its completed beta phase and TriumphPay’s network working hand in hand with TriumphPay Audit, the company has begun offering these services to customers, executing over 18,000 transactions since January for 11 factors and 38 brokers, including three of the 10 largest factors and two of the largest 25 brokers.
“With many of today’s consumers already accustomed to near-instantaneous B2C payments platforms, TriumphPay looks to provide that same solution for the transportation industry through access to a network that enables expedited payments securely and efficiently. The efficiencies achieved by the payments network give industry participants greater freedom and flexibility to grow their businesses,” said Aaron P. Graft, chief executive office of Triumph Bancorp Inc.
With TriumphPay Audit up and running, the company plans to focus on reducing inefficiencies in payment processes and providing transparency by continuing to onboard its network onto the product, a network that currently stands at 562 freight brokers and 70 factoring companies.
To complete this task, TriumphPay executives explained that the company plans to continue adding enhancements and tools to its current suite of payment technologies, bringing deeper value and insight to its partners, giving shippers, brokers and carriers more time to focus on scaling up their businesses.
“With TriumphPay handling payments for all stakeholders at each stage of the post-load payment journey in a secure and transparent fashion, carriers, brokers, factors and shippers will have more time to focus on other important business decisions,” said Melissa Forman, senior vice president and chief strategy officer at TriumphPay.