TriumphPay announced that it has entered into a new partnership with Chattanooga, Tennessee-based truckload (TL) carrier U.S. Xpress (NYSE: USX) to provide the company with real-time visibility into its brokerage payment services. U.S. Xpress will leverage TriumphPay's payment processing platform to further automate and improve efficiencies in its brokerage network.
"TriumphPay seeks to revolutionize payments in brokered freight by creating efficiencies for brokers and a better payment experience for carriers. We are excited about the U.S. Xpress partnership and believe it will be a major catalyst in digitizing and streamlining payments in the transportation industry," said Jordan Graft, executive vice president of TriumphPay.
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).
"At U.S. Xpress we are always looking to improve automation and carrier experience through partnerships with new technologies and platforms. Working with TriumphPay, we will be able to modernize efficiencies within our back office for carrier payment processing," said U.S. Xpress' chief operating officer Matt Herndon.
U.S. Xpress has reported more than $215 million in revenue from its brokerage segment over the last four quarters.
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