Trax Technologies – a global leader in Transportation Spend Management solutions – recently 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.
This relationship will enable 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. And this integration will provide greater financial flexibility to shippers and logistic service providers while reducing the risk of fraud in transportation payments.
Upon the 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.
Under this agreement, TriumphPay, a brand of Triumph Financial (Nasdaq: TFIN) will become a minority investor in Trax, alongside Strattam Capital and Spire Capital.
KEY QUOTES:
“Combining our data-driven technology with the security of a bank allows us to offer customers the best of both worlds. 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.”
— Hampton Wall, Chief Executive Officer of Trax
“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. 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.”
— Aaron Graft, Chief Executive Officer of Triumph Financial
