Leveraging Network Effects to Mitigate Risk

Preventing Fraud and Misdirected Payments

The upcoming white paper outlines how the TriumphPay Network has addressed risks such as fraud, bad data, incorrect bank account information, and payment misdirection. With substantial data sources like TriumphPay’s Global Factor Held Invoices and misdirected payments data, the Network has flagged and held invoices where discrepancies are detected, enhancing accuracy and efficiency. The paper highlights that in 2023 alone, TriumphPay prevented around 29,560 payments from being misdirected, equating to an impressive $29.4 million in avoided losses. The Network’s integration with other systems, such as Highway, has further strengthened its ability to detect potential risks, identifying $26.5 million in invoices tied to carriers exceeding their Load Limit, thereby alerting brokers to potential double-brokering activities.