Trax and TriumphPay executives co-present strategies for mitigating transportation fraud risks, while gaining end-to-end visibility into carbon emissions for reporting and reduction purposes
DALLAS, Sept. 26, 2023 (GLOBE NEWSWIRE) — Trax Technologies, the global leader in Transportation Spend Management (TSM) solutions, and strategic partner TriumphPay, the premier payments network for freight brokers, factors, shippers, and carriers, are educating industry leaders about methods for reducing the risk of fraud within transportation payments. With U.S. business logistics costs reaching a staggering $2.3 trillion in 2022 and fraud activity increasing 57% in Q2 2023 compared to Q2 2022, transportation payments fraud is a huge area of concern for global supply chain leaders.
Trax and TriumphPay are co-presenting during the Council of Supply Chain Management Professionals (CSCMP) EDGE 2023 Supply Chain Conference and Exhibition Mon., Oct. 2, 11 a.m. – 11:45 a.m. EST. During the session, “Using Data & Analytics to Improve Carrier Relationships,” leaders from both companies will discuss solutions to multifaceted challenges, including transportation fraud prevention.
“Trax and TriumphPay are helping global transportation leaders solve a myriad of escalating, disruptive challenges by leveraging credible data insights to make informed decisions for improved financial and physical flows,” said Steve Beda, Executive Vice President of Customer Success, Trax. “We also have the opportunity to teach supply chain leaders the value in utilizing data to create carbon impact transparency by tracking and reducing carbon emissions, which help to positively impact the bottom line, relationship management, and the environment.”
Trax and TriumphPay are developing a seamless integration between Trax’s global freight audit solution and TriumphPay’s payments network to create a highly secure payments platform for its Fortune 1000 customer base. This integration will create greater financial flexibility and improved working capital for both shippers and logistics service providers, while reducing the risk of fraud within transportation payments.
“Our companies have partnered to deliver fraud protection, flexible payments and supply chain finance solutions, and funds security for transportation payments,” said Josh Bouk, Chief Partnership Officer, TriumphPay. “Helping supply chain leaders become successful in mitigating payment fraud within transportation networks and leveraging various payment options leads to increased carrier satisfaction and service.”
The Trax team is available to meet with CSCMP Edge 2023 attendees following the panel presentation at Trax booth #101. Attendees can learn more about how credible freight audit and payment processing tools and data utilization can support fraud reduction, while optimizing shipping costs and transportation carbon emissions.
About Trax Technologies
Trax is the global leader in Transportation Spend Management solutions. Trax elevates traditional Freight Audit and Payment with a combination of industry leading cloud-based technology solutions and expert services to help enterprises with the world’s more complex supply chains better manage and control their global transportation costs and drive enterprise-wide efficiency and value. With a global footprint spanning North America, Latin America, Asia and Europe, Trax delivers data-based visibility and insights, higher savings and better control of transportation spend for shippers and 3PLs/4PLs of all sizes. For more information, visit www.traxtech.com.
TriumphPay is the premier payments network for freight brokers, factors, shippers and carriers, offering a structured, secure data exchange and flexible supply chain finance solutions. The TriumphPay payments network and integrated technology solutions remove friction and reduce fraud in the presentment, audit and payment of over $37 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. For more information, visit www.triumphpay.com.
Leah R. H. Robinson, APR
Senior Vice President, Director of Corporate Communication