RXO offers factoring to carriers through expanded relationship with Triumph

RXO, a leading provider of asset-light transportation solutions, and Triumph, a financial and technology company focused on payments, factoring, intelligence and banking solutions for the transportation industry, has announced the expansion of their relationship to deliver new financial tools and services to carriers.

RXO has launched RXO Extra | Factoring, a Triumph-powered offering that includes Factoring as a Service™ and LoadPay™, Triumph’s digital banking solution for carriers. The services provide carriers, even those that don’t haul for RXO, with access to seamless factoring and fast, reliable payments, including same-day payments, on approved invoices. They are available 24 hours a day, seven days a week, including weekends and holidays.

“Our expanded relationship with Triumph is enabling us to provide carriers with even more ways to improve their efficiency and profitability,” said Lou Amo, president of RXO’s truck brokerage business. “RXO Extra | Factoring allows carriers to get paid by RXO and other freight providers more quickly and easily.”

Factoring as a Service (FaaS) is a white-labeled solution powered by the Triumph Network that enables brokers to offer branded factoring and payment services directly to carriers. It combines Triumph’s funding and technology infrastructure to help brokers improve carrier cash flow and strengthen relationships. LoadPay is Triumph’s purpose-built digital bank account for carriers, allowing payments to be received in minutes on approved invoices. RXO currently uses Triumph’s audit and payment capabilities.

RXO Extra | Factoring is part of RXO Extra™, a loyalty program and discount marketplace for carriers. By hauling loads through RXO Connect®, carriers rise through loyalty tiers to earn more savings and bonuses on loads. In addition, through industry partnerships, RXO Extra offers carriers discounts on fuel, maintenance and tires, retail, and more.

“RXO continues to demonstrate its commitment to the carrier community by delivering tools that simplify operations and improve cash flow,” said Aaron P. Graft, founder and chief executive officer of Triumph Financial. “We’re proud to expand our work with RXO and help carriers across their network transact confidently.”

About Triumph
Triumph is a financial and technology company focused on payments, factoring, intelligence and banking to modernise and simplify freight transactions. Headquartered in Dallas, Texas, its portfolio of brands includes Triumph, TBK Bank and LoadPay.

About RXO
RXO is a leading provider of asset-light transportation solutions. RXO offers tech-enabled truck brokerage services together with complementary solutions including managed transportation and last mile delivery. The company combines massive capacity and cutting-edge technology to move freight efficiently through supply chains across North America. The company is headquartered in Charlotte, N.C.

About LoadPay
LoadPay is a modern digital banking solution built for the freight industry. Designed to help carriers better manage their cash flow, LoadPay offers fast and flexible access to funds, along with tools specifically tailored to meet the demands of transportation businesses. LoadPay is a product of TBK Bank, SSB d/b/a Triumph, a financial and technology company focused on modernising and simplifying freight transactions.

Source: Triumph