Transplace announced on October 8 further improvements in its payment processing platform through its ongoing collaboration with TriumphPay and Bank of America Corp (NYSE: BAC).
The Dallas-based transportation management services and logistics technology solutions provider said that continued progress is being made in improving speed, security and accuracy of payment processing on its platform.
From the press release, "Transplace has been working with TriumphPay and Bank of America's Paymode-X Connect solutions to deliver faster and more reliable, accurate and secure payment processing" for more than 32,000 carriers with which it engages directly or on behalf of its shipper customers.
"We realize that a fast, seamless and unified digital payment experience goes a long way in helping our carrier partners drive operational efficiencies and cash flow, which is critical to their cash intensive businesses. Integrating best-in-class tools and technology, like TriumphPay and Paymode-X Connect, into our logistics platform to simplify and expedite our payment processing capabilities provides our valued carriers with more flexible, reliable and secure payment options," said Transplace's CEO Frank McGuigan.
The benefits for the carriers on either of Transplace's payment processing programs include increased visibility through electronic remittance detail, advance notification of payments via email to allow better forecasting of cash flows and a reduction in labor expense and risk associated with receiving payments.
The press release also highlighted feedback on the digital payment solutions service from a carrier. "Leonard's Express is thrilled Transplace continues to work closely with carriers like us to drive improvements such as the introduction of digital payment platforms. The announcement illustrates that Transplace continues to lay the foundation to make it easy for us to do business with them. Efficient, automated execution, system-driven freight audit and payment, improved financial analytics and dashboards all contribute to faster, more reliable, and less costly administration," said Leonard's Express chief marketing officer Mike Riccio.
In July, Transplace announced a partnership with Descartes MacroPoint for end-to-end real-time visibility as a standard feature to its managed transportation and transportation management system customers. The company expects all trucks utilizing its platform in the U.S. and Canada to operate on MacroPoint by the beginning of 2020.
Transplace is North America's largest transportation management provider. Through its transportation management services and logistics technology, the company optimizes supply chain operations and improves financial performance. The company's technology provides clients with greater control of transportation operations and improved visibility of shipments.
TriumphPay is a provider of carrier and vendor payment solutions to the supply chain industry, allowing brokers and shippers to manage their payments with less capital invested through its payment processing service, QuickPay. The company has provided payment solutions to more than 70,000 carriers on behalf of freight brokers and shippers. TriumphPay operates through a subsidiary of TBK Bank, SSB, a subsidiary of Triumph Bancorp, Inc. (NASDAQ: TBK).
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