Triumph Bancorp has announced TriumphX, a new business unit to execute its plan as a transportation FinTech, a press release said Tuesday (April 5).
TriumphX is a division of TBK Bank, the primary operating subsidiary of Triumph Bancorp.
TriumphPay, another TBK Bank division, has announced recently its buildout of the transportation industry’s first payments network, which will enable seamless payment transactions for carriers, brokers, shippers and factors.
Triumph Business Capital, another subsidiary, provides data-driven automation solutions for factoring clients.
“We see massive opportunities to reshape the future of payments in transportation,” said Triumph Bancorp CEO Aaron P. Graft. “As I mentioned in our annual shareholder letter, the execution of our vision requires additional technical talent to join our ranks. TriumphX will be one gateway to meet that need. In addition, TriumphX will evaluate concepts and ideas for our transportation FinTech lines of business, TriumphPay and Triumph Business Capital. The TriumphX team will support the line of business project teams, increasing their capacity and accelerating the execution of critical technology-based projects.”
Matt Levy joining to serve as president of TriumphX. Levy was the founder of full-service management consulting and tech firm Credera, and Graft said he has “proven himself as a consultant, technical expert and business owner. His leadership and experience will help us add to our ranks, and better prepare us for an exciting future.”
Read more: Supply Chain Woes Offer Busy Truckers Chance To Look Into New Payments Platforms
PYMNTS wrote that Melissa Forman, senior vice president and chief strategy officer at TriumphPay, said there had been issues paying truckers for years, starting with deregulation in the ’80s.
She said this let many small carriers, who didn’t have access to the cash flow necessary, enter the market.
Since then, there have been two intermediaries, freight brokers and factoring companies.
Factors provide cash to carriers and brokers consolidate capacity, which lets there be matching of trucking companies to loads and the paperwork be handled.
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