Freight payment processor TriumphPay has continued to expand its network, with recent partnerships with carrier identity management company Highway and carrier Knight-Swift leading the way.
TriumphPay will be able to prevent double brokering by combining its annual $37 billion in carrier payment data with Highway’s ability to validate assets to determine if a carrier is able to run the number of miles that it’s posting, TriumphPay President Melissa Forman told FleetOwner.
She gave the example of a carrier who has one truck insured and registered in Highway’s system. That truck may realistically be able to do two to three loads per week. If it is recorded that a truck runs a number of miles in a week that exceeds a reasonable threshold, TriumphPay can flag that carrier as potentially double brokering. When that data is provided to Highway, a dispatcher can investigate.
According to Forman, a high percentage of the carriers identified as potentially fraudulent are, once investigated, found to be double brokering.
“Some of them could be team drivers, or they may have more assets than they have on insurance, and that gets rectified, but in most cases, they are double brokering,” Forman said.
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“Partnering with TriumphPay, the open payments network for freight brokers, factors, shippers, and carriers in the US trucking industry, brings us one step closer to our goal of stamping out fraud, identity issues, and double brokering in the transportation sector,” stated Highway CEO Jordan Graft. “Our collaboration will make transactions more secure, efficient, and profitable for all parties involved.”
TriumphPay has also expanded by adding Knight-Swift (No. 3 on the FleetOwner 500 for-hire list), which TriumphPay considers a Tier One broker because it has over $500 million in freight spending per year. Other Tier One brokers at TriumphPay include Arrive, Worldwide Xpress, Schneider, GlobalTrans, Trinity, and IEL.
“Our relationship with TriumphPay enables us to continue to improve our technology and the payment experience for our carriers, provide transparency to the payments process, and empower more professional drivers to grow their business, even in current market conditions,” Reed Stultz, Knight-Swift SVP of logistics, said.
