TriumphPay Expands Logistics Payments Network to Mexico
Increased cross-border trading with Mexico creates demand for local, fast, and secure payments internationally
DALLAS – April 10, 2024 –TriumphPay announced the expansion of its open payments network for the freight transportation industry to include Mexican pesos (MXN), a significant step forward for the network which currently offers its payment services to shippers, brokers, carriers, and factors in U.S. dollars (USD) and Canadian dollars (CAD).
As the premier payments network in North America, TriumphPay is committed to providing innovative solutions integrated with the best technology available. Mexico became the largest U.S. trading partner in 2023. The ability to make payments in local currency has been a roadblock for many logistics service providers. Expanding TriumphPay’s network globally is a natural progression, reflecting the need of many logistics providers to make payments in different currencies.
“Expanding our payments network to Mexico is critical for our customers as trade increases between the U.S. and Mexico,” said Melissa Forman, EVP and president of TriumphPay. “We are thrilled to offer this new service, easing the technological and payment burden for customers looking to grow their businesses internationally. Our expansion into Mexico clearly indicates TriumphPay’s commitment to providing brokers, factors, carriers and shippers worldwide with fast payments that offer security, efficiency and transparency.”
By the end of the second quarter, TriumphPay expects to have the ability to make standard term payments in Mexican pesos (MXN) for carriers, provide customer service and support in Spanish, and offer the automation of payment processing in MXN. Additional features, such as access to the TriumphPay portal for international customers, are also planned shortly thereafter to make the transition smoother.
As TriumphPay’s payments network expands internationally, brokers, factors, carriers, and shippers can benefit from TriumphPay’s operational excellence and industry expertise, as well as reduce fraud risk on a global scale. By the end of 2024, TriumphPay also anticipates making payments in additional currencies in Europe and parts of Asia.
For more information, visit www.triumphpay.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 $51 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.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions, and that actual events or results may differ materially. Triumph Financial’s expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and the forward-looking statement disclosure contained in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 15, 2023. Forward-looking statements speak only as of the date made and Triumph Financial undertakes no duty to update the information.
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Source: TriumphPay
Investor Relations Contact:
Luke Wyse
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lwyse@tfin.com
214-365-6936
Media Contact:
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