In 2023, Mexico surpassed Canada and China to become the top trading partner of the United States, signaling a significant shift in global trade dynamics. This transition has been fueled by the ongoing trend of nearshoring and friendshoring in the manufacturing sector, hinting at a promising future for the burgeoning partnership between Mexico and the U.S.
With U.S. trade with Mexico exceeding $855 billion in 2023, including substantial exports and imports, the need for efficient cross-border payment solutions has become paramount. TriumphPay, a leading provider of innovative payment solutions for the freight industry, recently announced a groundbreaking expansion of its open payments network to include Mexican pesos.
This strategic move by TriumphPay comes as a boon for logistics companies grappling with payment challenges in Mexico’s local currency. By offering the capability to handle Mexican pesos alongside U.S. and Canadian dollars, TriumphPay aims to enhance continent-wide inclusivity and streamline international transactions for its customers.
Melissa Forman, President of TriumphPay, emphasized the significance of this expansion, stating, “Expanding our payments network to Mexico is critical for our customers as trade increases between the U.S. and Mexico. We are thrilled to offer this new service, easing the technological and payment burden for customers looking to grow their businesses internationally.”
TriumphPay’s initiative aligns with its commitment to providing fast, secure, and transparent payment solutions to brokers, factors, carriers, and shippers worldwide. By the end of the second quarter, TriumphPay plans to introduce a comprehensive suite of services tailored for logistics companies operating in Mexico, including standard term payments, Spanish-language customer support, and automation payment processing in pesos.
Looking ahead, TriumphPay anticipates further expansion of its payments network to encompass additional currencies in Europe and parts of Asia by the end of 2024. This ambitious roadmap underscores TriumphPay’s dedication to operational excellence, industry expertise, and global fraud risk reduction, positioning it as a trailblazer in the realm of international payment solutions.
