Knight-Swift Transportation and TriumphPay Bring Security and Speed to Carrier Payments
DALLAS, Aug. 22, 2023 (GLOBE NEWSWIRE) -- TriumphPay announced today the addition of Knight-Swift Transportation (NYSE: KNX) to its open payments network as a full audit and payments network participant. The TriumphPay open payments network has rapidly expanded since its launch in January 2022, now with over 30 of the top 50 U.S. brokers as clients, creating a more secure hub for the presentment, audit and payment of invoices in the transportation industry.
Knight-Swift senior vice president of Logistics Reed Stultz commented, “Our relationship with TriumphPay enables us to continue to improve our technology and the payment experience for our carriers, provide transparency to the payments process and empower more professional drivers to grow their business, even in current market conditions.”
TriumphPay processes or interacts with more than 20% of all brokered transactions in the U.S., touching over $37 billion in transportation. Brokers joining the TriumphPay payments network enjoy additional layers of data insights, security, and transparency through this innovative platform for the freight industry, which reviews invoices more quickly and efficiently in a secure data exchange between factors and freight brokers.
“Partnering with Knight-Swift, one of the most diversified freight transportation companies, accelerates our ability to modernize the transportation industry with tech innovations for secure, timely payments,” said Aaron P. Graft, vice chairman chief executive officer of Triumph Financial, Inc (Nasdaq: TFIN). “Having one of the top U.S. brokers trust TriumphPay with their payments benefits all brokers, factors and carriers and the industry overall.”
Knight-Swift Transportation joins leading, notable U.S. transportation brokers on the TriumphPay payments network as a full audit and invoice processing customer. For more information, visit https://triumphpay.com/ and http://knight-swift.com/.
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 $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.
About Knight-Swift Transportation
Knight-Swift Transportation Holdings Inc. is one of North America's largest and most diversified freight transportation companies, providing multiple truckload transportation, less-than-truckload, logistics, and business services to the shipping and transportation sectors. Knight-Swift uses a nationwide network of business units and terminals in the United States and Mexico to serve customers throughout North America. In addition to operating the country's largest tractor fleet, Knight-Swift also contracts with third-party equipment providers to provide a broad range of services to its customers while creating quality driving jobs for driving associates and successful business opportunities for independent contractors.
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.
Source: Triumph Financial, Inc.
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