TriumphPay, a leading provider of carrier payment, factor management, supply chain finance solutions and Intelligent Audit, a leader in freight audit, business intelligence analytics, and transportation spend optimization solutions, announced today a new partnership. The companies, which process a combined $15 billion in transportation spend annually, said that they are committed to streamlining and digitizing business processes attached to transportation management. TriumphPay is a product offered by a subsidiary of TBK Bank, SSB, the banking subsidiary of Triumph Bancorp, Inc. (Nasdaq: TBK).
"We are delighted to be partnering with Intelligent Audit to jointly bring innovation, network scale, and new technologies to a rapidly evolving market," said George Lorenze, VP, North America Business Development at TriumphPay. "Intelligent Audit helps some of the world's largest businesses reduce transportation costs, enhance visibility and improve transportation execution. TriumphPay is a leading provider of supply chain finance, working capital and vendor payment solutions in the transportation industry. Our complimentary services and extensive industry experience will allow us to provide greater efficiencies in the transportation space."
Both companies cite their existing market presence, integrations with carriers, freight brokers, shippers, TMS providers and connectivity with accounting systems as a vital driver of the partnership.
"It's the concept of the 'network effect' and leveraging the power of a large, networked community on both the shipper and carrier sides and bringing that community together to the benefit of all parties," said Hannah Testani, COO at Intelligent Audit. "TriumphPay and Intelligent Audit are bringing those eco-systems together in a new and exciting way to serve our customers better."
Both Intelligent Audit and TriumphPay are members of the Blockchain in Transport Alliance (BiTA) and are actively involved in advancing the use of distributed ledgers for invoice presentment, assignment and payment.
ABOUT INTELLIGENT AUDIT
Intelligent Audit is a leading provider of freight audit and recovery, business intelligence analytics, and transportation spend optimization solutions. Intelligent Audit helps customers reduce spend with its best-in-class audit and reporting platform which uncovers opportunities for cost reduction and process improvement.
With more than 2,500 clients representing more than $9 billion in aggregate transportation spend across all modes and geographies, Intelligent Audit provides insights that help companies ship smarter. For more information, visit http://www.intelligentaudit.com.
ABOUT TRIUMPHPAY
TriumphPay is a leading provider of carrier and vendor payment solutions to the supply chain industry. Its integrated supply chain finance solution allows brokers and shippers to reduce the amount of capital invested in their QuickPay program. Since its inception, TriumphPay has paid more than 50,000 carriers on behalf of its freight brokers and shippers. TriumphPay simplifies the management of carrier payments for brokers and shippers including managing verification and collection calls from factoring companies.
TriumphPay is a product of Advance Business Capital, an operating subsidiary of TBK Bank, SSB (Member FDIC). TBK Bank, SSB is a subsidiary of Triumph Bancorp, Inc. (Nasdaq: TBK), a financial holding company with a diversified line of community banking and commercial activities.
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