TriumphPay Audit Integration Clients; the platform reduces inefficiency in industry payments
TriumphPay announced that in January, TBK Bank’s payment platforms division, SSB, successfully tested TriumphPay’s fully open payment network, leveraging recent technology investments to provide an undisclosed number of funds transfers between two payers 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 this back-office technology to create a single integrated payment platform that could be used by all actors in the supply chain, including shippers, brokers and carriers.
Related: HubTran is the latest piece for TriumphPay in building a transportation payment network
It successfully built our TriumphPay audit, providing the payment workflow management tools, a process for receiving payments electronically known as Optical Character Recognition and the machine learning capabilities it had inherited of the purchase of Hubtran.
Now, with its beta phase complete 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 Top 10 factors and two of the top 25 brokers.
“With many of today’s consumers already accustomed to near-instant B2C payment platforms, TriumphPay is looking to provide that same solution for the transportation industry through access to a network that enables accelerated payments in a secure and effective. The efficiencies achieved by the payment network provide industry players with greater freedom and flexibility to grow their businesses,” said Aaron P. Graft, Managing Director of Triumph Bancorp Inc.
With TriumphPay Audit operational, the company plans to focus on reducing inefficiencies in payment processes and achieving transparency by continuing to integrate its network into the product, a network which currently includes 562 freight brokers and 70 factoring companies.
To carry out 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 insights to its partners, giving senders , brokers and carriers more time to focus on growing their business. .
“With TriumphPay handling payments for all stakeholders at every step of the post-load payment journey securely and seamlessly, carriers, brokers, postmen and shippers will have more time to focus on other decisions. significant business,” said Melissa Forman, senior vice president and chief strategy officer at TriumphPay.
Watch now: What is a Compliant Transaction?
You might also like:
TriumphPay Announces Completion of First Fully Automated Factoring Payments
4 reasons why postmen turn to TriumphPay
TriumphPay Reaches $16 Billion Payments Milestone, Adds Factoring Veteran to Leadership