This fireside chat recap is from Day 2 of FreightWaves’ F3: Future of Freight Festival live event in Chattanooga, Tennessee. For more information on the event, click here.
FIRESIDE CHAT TOPIC: Empowering a new age of payment security.
DETAILS: FreightWaves’ Daniel Pickett spoke with Garrett Wolfe of TriumphPay at the F3: Future of Freight Festival about the company’s acquisition of HubTran in June 2021. Wolfe said the combined company has created a fully integrated payments network for transportation brokers and factors and “is moving about $1.3 billion a month over its structured data rails.”
SPEAKER: Wolfe is TriumphPay’s chief product officer and chief strategy officer.
BIO: Prior to joining TriumphPay, Wolfe led product development teams across a number of industries and companies, including real estate at Door.com and financial services at Capital One. Wolfe also was part of the innovation and development practice at PricewaterhouseCoopers.
KEY QUOTES FROM WOLFE:
“On June 1 of last year, our development team put their heads down and by Jan. 11, we launched our payments network.”
“The payments network is moving about $1.3 billion a month over structured data rails. So we’ve just been focused on moving brokers onto the network, moving our factors onto it to get rid of all of the inefficiencies. And success for us long term is if we put our optical character recognition software out of business, then we win because we prefer to do it over structured data.”
“Double brokering has always been around. It’s just one of those things that we’re seeing more and more. We have a duty to stand in the middle of that. So factors need to watch out, we’re watching out for them [double brokers]. Brokers need to watch out, we’re watching out for them. Then our own carrier relationships, we need to watch out and so we’ve got the bank grade security to do it.”