Trax Technologies (Trax), the global leader in Transportation Spend Management (TSM) solutions, partnered with TriumphPay, enabling Trax to offer enhanced payment solutions as part of its transportation spend management platform, while integrating with the TriumphPay payments network. As part of the strategic partnership, TBK Bank, SSB d/b/a TriumphPay invested $9.7 million in Trax, providing greater financial flexibility to shippers and logistics service providers while reducing transportation payments fraud risks.
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.
“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, 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.”
The strategic relationship with Trax advances TriumphPay’s journey into the shipper vertical, where former Trax President Josh Bouk will be a valuable asset. Bouk joins TriumphPay as executive vice president, chief partnership officer for the premier payments network for freight brokers, factors, shippers and carriers in the North American trucking industry.
“We’re excited that Josh has joined the TriumphPay team and look forward to our new relationship with Trax as we further leverage the strengths and capabilities of both companies to serve shippers; extending the TriumphPay vision of being the premier provider for freight, audit and payments in the transportation logistics space,” said Melissa Forman, President, TriumphPay.
Bouk will lead TriumphPay’s approach to the shipper market, developing and growing strategic ecosystem alliances, and further establishing TriumphPay as the most flexible, global and secure transportation payment solution in the world.
“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, Trax. “As one of the strongest, most reputable and forward-thinking payment solutions providers in the world, TriumphPay'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.”
Bouk joins TriumphPay with over 20 years of experience as a proven executive leader in providing expense management and payment solutions at the global enterprise level. Before his tenure with Trax, Bouk was vice president of global sales and marketing for the expense management division of Cass Information Systems.
“The TriumphPay network is truly revolutionizing the flow of financial data and payments in the transportation industry,” said Bouk. “I am beyond excited to bring my experience from working with Trax and its team of amazing industry professionals to this dynamic TriumphPay team, while simultaneously continuing to support Trax and other partners and network participants in North America today, and in the future around the world.”