Schneider Expands TriumphPay Relationship to Include Invoice Processing and Joins Payments Network
Schneider becomes 76th broker added to TriumphPay's open payments network since launching in January
DALLAS, Nov. 29, 2022 (GLOBE NEWSWIRE) -- TriumphPay today announced the addition of Schneider (NYSE: SNDR) to its rapidly growing open payments network. TriumphPay has continued expanding the reach of its open payments network since it launched earlier this year, providing brokers, factors, shippers and carriers a single solution to manage payments and mitigate fraud and risk.
"We're thrilled that Schneider is expanding their relationship with us to include invoice processing on TriumphPay's best-in-class payments network," said Aaron P. Graft, vice chairman and chief executive officer of Triumph Bancorp, Inc. (Nasdaq: TBK). "Schneider has a long history of being at the forefront of innovation, and they continue to prove their ability to be early adopters of game-changing technology. We're excited to deliver speed, transparency and risk reduction to their payments life cycle while expanding the volume and breadth of industry leaders participating in our platform."
TriumphPay paid over 192,000 carriers in the last 12 months, more than anyone else in the U.S. Schneider joins 75 other brokers on the network, including Arrive, Integrity Express Logistics (IEL), Covenant, Becker and many more. These brokers, combined with 20 factors, have processed $671 million of payments since the network's launch in January through September 30. The payments network is a subset of the $23.8 billion that TriumphPay processes annually on behalf of its brokers and shippers.
"TriumphPay is leading the revolution in freight payments with technologies that deliver quick and secure transactions. We're very excited to expand our relationship with Schneider, who has been a payments customer since 2020,” said Melissa Forman, president of TriumphPay. "When Schneider adopts new technology, the rest of the industry follows. We look forward to continuing to grow with Schneider by helping recognize payments efficiencies and improve their carrier experience, and are excited to welcome additional brokers to the network in the coming months."
TriumphPay is the payments network for trucking that integrates all parties with the broker’s and factor’s source of truth, the network mitigates fraud, increases operational efficiency, increases carrier retention, and automates back-office functions around verification, collection, cash posting and settlement.
"Schneider is incredibly excited about the value TriumphPay brings to carriers and that’s why we decided to further expand the solution," said Ben Schuchart, senior vice president of Schneider Transportation Management. "By simplifying our payments process and offering even more transparency into invoice processing, we can be more efficient for carriers and customers, thanks to TriumphPay. Schneider prides itself on being adaptable and taking the right steps to strategically enhance our business, and TriumphPay's solution does that for us."
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About TriumphPay
TriumphPay is the payments network for freight brokers, factors, shippers and carriers in the North American trucking industry.
TriumphPay is a division of TBK Bank, SSB, Member of FDIC, and a member of the Triumph Bancorp, Inc. (Nasdaq: TBK) group.
About Triumph Bancorp
Triumph Bancorp, Inc. (Nasdaq: TBK) is a financial holding company headquartered in Dallas, Texas, offering a diversified line of payments, factoring and banking services.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such states are predictions and that actual events or results may differ materially. Triumph Bancorp'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 would cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" and the forward-looking statement disclosure included in the company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 14, 2022. Forward-looking statements speak only as of the date made, and Triumph Bancorp undertakes no duty to update the information.
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