TriumphPay Audit to Streamline Invoicing for RXO
RXO integrates with TriumphPay’s payment auditing platform
DALLAS, July 13, 2023 (GLOBE NEWSWIRE) -- TriumphPay announced today that RXO, a leading provider of asset-light transportation solutions, is actively using the TriumphPay audit processing platform. The TriumphPay open payments network has rapidly expanded since its launch in January 2022, creating a more secure hub for the presentment, audit and payment of invoices in the transportation industry.
“At RXO, we are focused on providing exceptional service to shippers and carriers by leveraging our cutting-edge technology and massive capacity. Partnering with TriumphPay will help us continue to streamline our invoicing process so carriers are paid more quickly,” said Jamie Harris, chief financial officer of RXO.
TriumphPay processes or interacts with over 20% of all transactions in the U.S. for-hire trucking market, touching over $37 billion in transactions annually. Each company added to the network brings additional layers of data, security and transparency. Companies like RXO value secure data exchanges between carriers, factors and transportation providers.
“RXO's continued investment in cutting-edge technology and innovative solutions for their shippers and carriers aligns perfectly with our audit solution that will help RXO improve on its already best-in-class processes,” said Aaron P. Graft, vice chairman and chief executive officer Triumph Financial, Inc. (Nasdaq: TFIN). “We look forward to a growing partnership with RXO and TriumphPay and are excited for what’s ahead."
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.
RXO (NYSE: RXO) is a leading provider of asset-light transportation solutions. RXO offers tech-enabled truck brokerage services together with complementary solutions including managed transportation, freight forwarding and last mile delivery. The company combines massive capacity and cutting-edge technology to move freight efficiently through supply chains. RXO’s proprietary technology connects approximately 10,000 customers with over 100,000 independent carriers across North America. The company is headquartered in Charlotte, N.C. Visit RXO.com for more information and connect with RXO on Facebook, Twitter, LinkedIn, Instagram and YouTube.
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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