DALLAS, June 23, 2023 (GLOBE NEWSWIRE) -- Trax Technologies, the global leader in Transportation Spend Management solutions, today announced a minority equity investment by TBK Bank, SSB d/b/a TriumphPay, and a strategic relationship with TriumphPay, the premier payments network for freight brokers, factors, shippers and carriers in the North American trucking industry.
The relationship will allow Trax’s leading global freight audit solution to integrate seamlessly with TriumphPay’s payments network, creating a highly secure payments platform for its Fortune 1000 customer base. This integration will provide greater financial flexibility to both shippers and logistic service providers while reducing the risk of fraud within transportation payments.
“Combining our data-driven technology with the security of a bank allows us to offer customers the best of both worlds,” said Hampton Wall, Chief Executive Officer of Trax. “As one of the strongest, most reputable, and forward-thinking payment solutions providers in the world, Triumph's relationship enables Trax to increase our significant investment in transportation spend management innovation while providing our customers with payment solutions that are safe, secure, and accepted by tens of thousands of logistics service providers. We couldn’t be more excited to partner with TriumphPay.”
Upon completion of the technical integration, all payments made by Trax will be made via the TriumphPay network, providing automated payments, fraud protection, funds security, and flexibility in the timing of payments for shippers and carriers alike.
“Trax is globally recognized as a true leader in the global transportation spend management space, with software and services that help global shippers better manage the costs and emissions of their logistics networks,” said Aaron Graft, Chief Executive Officer of Triumph Financial. “Through this investment and relationship, TriumphPay is demonstrating our commitment to the global shipper market while extending the TriumphPay network to the globe. This relationship is yet another important stone in the foundation of making TriumphPay the de facto payment rail for the entire transportation industry.”
Under the agreement, TriumphPay, a brand of Triumph Financial (Nasdaq: TFIN) will become a minority investor in Trax, alongside Strattam Capital and Spire Capital.
For more information, see www.traxtech.com and www.tfin.com.
About Trax Technologies
Trax is the global leader in Transportation Spend Management solutions. Trax elevates traditional Freight Audit and Payment with a combination of industry leading cloud-based technology solutions and expert services to help enterprises with the world's more complex supply chains better manage and control their global transportation costs and drive enterprise-wide efficiency and value. With a global footprint spanning North America, Latin America, Asia and Europe, Trax delivers data-based visibility and insights, higher savings and better control of transportation spend for shippers and 3PLs/4PLs of all sizes. For more information, visit www.traxtech.com.
About TriumphPay
TriumphPay is the premier payments network for freight brokers, factors, shippers and carriers in the North American trucking industry, offering a structured, secure data exchange. The TriumphPay payments network and integrated technology solutions remove friction and reduce fraud in the presentment, audit and payment of over $37 billion in transportation invoices.
TriumphPay is a division of TBK Bank, SSB, Member FDIC, and a member of the Triumph Financial, Inc. (Nasdaq: TFIN) portfolio of brands.
For more information, visit www.triumphpay.com.
MEDIA CONTACT
Leah R. H. Robinson, APR
LeadCoverage
leah@leadcoverage.com
