TriumphPay invests $9.7 million in Trax and former Trax President Josh Bouk joins TriumphPay as executive vice president, chief partnership officer.
Trax Technologies (Trax), the global leader in Transportation Spend Management (TSM) solutions, partnered with TriumphPay, enabling Trax to offer enhanced payment solutions as part of its transportation spend management platform, while integrating with the TriumphPay payments network. As part of the strategic partnership, TBK Bank, SSB d/b/a TriumphPay invested $9.7 million in Trax, providing greater financial flexibility to shippers and logistics service providers while reducing transportation payments fraud risks.
Upon completion of the technical integration, all payments made by Trax will be made via the TriumphPay network, providing automated payments, fraud protection, funds security and flexibility in the timing of payments for shippers and carriers.
The strategic relationship with Trax advances TriumphPay’s journey into the shipper vertical, where former Trax President Josh Bouk will be a valuable asset. Bouk joins TriumphPay as executive vice president, chief partnership officer for the premier payments network for freight brokers, factors, shippers and carriers in the North American trucking industry.
Bouk will lead TriumphPay’s approach to the shipper market, developing and growing strategic ecosystem alliances, and further establishing TriumphPay as the most flexible, global and secure transportation payment solution in the world.
Bouk joins TriumphPay with over 20 years of experience as a proven executive leader in providing expense management and payment solutions at the global enterprise level. Before his tenure with Trax, Bouk was vice president of global sales and marketing for the expense management division of Cass Information Systems.