TriumphPay, through a partnership with Highway, is leading the charge in cracking down on fraudulent activities like double brokering. Through TriumphPay, brokers can quickly assess carriers and subsequent risks.
In 2022, TriumphPay launched an open payments network that streamlines financing for truckers by removing friction and reducing fraud in the presentment, audit and payment of transportation invoices. The network streamlines invoice processing through secure structured data exchange between factors and freight brokers, thereby increasing efficiencies while mitigating fraud.
In 2023, TriumphPay partnered with Highway to give brokers and carriers a data analytics tool to fight double brokering fraud. TriumphPay touches more than $37 billion in transportation transactions, including $20.3 billion in payments executed on behalf of payors, and its fully conforming network transactions have processed more than $1.2 billion. When TriumphPay’s payment data is coupled with Highway’s specific equipment data for carriers, brokers can quickly ascertain carrier identity and available equipment to discern if the carrier is possibly participating in fraudulent activity. TriumphPay is dedicated to creating efficiencies in trucking payments and shedding light on fraud. TriumphPay is promoting a safer, more honest freight environment by innovating new tools and data analytics services for the transportation industry.
TriumphPay has also demonstrated innovation in specialty finance by introducing new features and partnerships that simplify payment processes and improve the financial well-being of carriers, brokers, factors and shippers through its open payments network. The open payments network integrates with various transportation management systems and factor management systems, enabling factors and carriers to monitor and manage document submission and processing, payment information and access tools to manage their finances more efficiently.
“At TriumphPay, innovation means listening to our customers and implementing new technologies and partnerships to help our customers get paid faster and securely and focus on growing their business.”
