ArcBest Joins the TriumphPay Network to Enhance Carrier Payments

Rhea-AI Summary

TriumphPay has announced that ArcBest (Nasdaq: ARCB), a multibillion-dollar integrated logistics company, has joined its network as a full audit and payments participant. This strategic move aims to enhance ArcBest's carrier payments, improve operational efficiency, and bolster payment security. As one of North America's largest freight brokerages, ArcBest's addition to the network is expected to have a significant impact on the transportation industry.

Steven Leonard, ArcBest's chief commercial officer, emphasized the importance of efficient and quick payments to their carrier network. The collaboration with TriumphPay is set to provide enhanced visibility into payment status and a more secure payment process, strengthening ArcBest's position as a preferred partner for carriers.

Positive

• ArcBest, a multibillion-dollar logistics company, joins TriumphPay network
• Partnership aims to improve operational efficiency and payment security
• Enhanced visibility into payment status for carriers
• Faster and more secure payment process for ArcBest's carrier network

Negative

• None.

ArcBest joins as one of the largest freight brokers on the TriumphPay Network

DALLAS, Aug. 06, 2024 (GLOBE NEWSWIRE) -- TriumphPay announced today the addition of ArcBest® (Nasdaq: ARCB), a multibillion-dollar integrated logistics company offering one of the largest freight brokerages in North America, to TriumphPay as a full audit and payments network participant.

ArcBest, a leader in the transportation and logistics industry, joins the network as part of its strategy to better serve carriers, improve operational efficiency and enhance payment security. This customer alliance builds on the momentum of TriumphPay’s expansion and growth as a technological and innovative services hub for the freight industry.

“Our carrier network is essential in delivering top-tier service to our customers, and we value the collaborative relationships we have with them. Carriers depend on us to pay them quickly and efficiently, and TriumphPay’s payment system enables us to meet these expectations,” said Steven Leonard, chief commercial officer and president of asset-light logistics at ArcBest. “Providing enhanced visibility into payment status and a faster, more secure payment process strengthens our position as a preferred partner for carriers in our network.”

TriumphPay is the premier transportation payments network in North America, a secure network for presentment, audit and payment of transportation invoices. By joining TriumphPay, ArcBest is helping to create a more robust and efficient payments network for the entire transportation industry.

“We’re thrilled to announce ArcBest joining and building scale on our network,” said Aaron P. Graft, vice chairman and chief executive officer of Triumph Financial, Inc. (Nasdaq: TFIN). “ArcBest has a long history of championing innovation and technology to deliver powerful supply chain solutions. Welcoming such an impressive integrated logistics company to the TriumphPay Network will have a transformative impact for their customers and keep the supply chain moving.”

ArcBest joins leading, notable U.S. freight brokers on the TriumphPay Network. For more information, visit www.arcb.com and www.triumphpay.com.

About TriumphPay
TriumphPay is the premier payments network for freight brokers, factors, shippers and carriers in the North American trucking industry, offering a structured, secure data exchange. The TriumphPay network and integrated technology solutions remove friction and reduce fraud in the presentment, audit and payment of approximately $48.9 billion in unique brokered freight transactions.

TriumphPay is a division of TBK Bank, SSB, Member FDIC, and a member of the Triumph Financial, Inc. (Nasdaq: TFIN) portfolio of brands. For more information, visit us at triumphpay.com.

About ArcBest
ArcBest® (Nasdaq: ARCB) is a multibillion-dollar integrated logistics company that helps keep the global supply chain moving. Founded in 1923 and now with 15,000 employees across 250 campuses and service centers, the company is a logistics powerhouse, using its technology, expertise and scale to connect shippers with the solutions they need — from ground, air and ocean transportation to fully managed supply chains. ArcBest has a long history of innovation that is enriched by deep customer relationships. With a commitment to helping customers navigate supply chain challenges now and in the future, the company is developing ground-breaking technology like Vaux™, one of the TIME Best Inventions of 2023. For more information, visit arcb.com. 

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Triumph Financial’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 could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and the forward-looking statement disclosure contained in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 13, 2024. Forward-looking statements speak only as of the date made and Triumph Financial undertakes no duty to update the information.

Source: Triumph Financial, Inc.

Investor Relations Contact:
Luke Wyse
Triumph Financial, Inc.
Senior Vice President, Head of Investor Relations
lwyse@tfin.com

Media Contacts:
Amanda Tavackoli
Triumph Financial, Inc.
Senior Vice President, Director of Corporate Communication
atavackoli@tfin.com

Autumnn Mahar
ArcBest
Director, External Communications and Public Relations
amahar@arcb.com

FAQ

What is the significance of ArcBest joining the TriumphPay network?

ArcBest joining TriumphPay as one of the largest freight brokers is significant as it aims to enhance carrier payments, improve operational efficiency, and strengthen payment security in the transportation industry.

How will ArcBest's partnership with TriumphPay benefit carriers?

The partnership will provide carriers with enhanced visibility into payment status, a faster and more secure payment process, strengthening ArcBest's position as a preferred partner for carriers in their network.

What is TriumphPay's role in the transportation industry?

TriumphPay is the premier transportation payments network in North America, offering a secure network for presentment, audit, and payment of transportation invoices, aiming to create a more efficient payments ecosystem for the industry.

How does this partnership align with ArcBest's strategy?

This partnership aligns with ArcBest's strategy to better serve carriers, improve operational efficiency, and enhance payment security, ultimately strengthening their position in the transportation and logistics industry.