Routable, an accounts payable automation platform, has launched FedNow instant payments for its customers.
With the increasing demand for instant transfers, businesses are looking for more flexibility. Federal Reserve’s FedNow increases Routable’s coverage for instant payments, allowing the company to focus better on its customers’ needs and demands while remaining compliant with the regulatory requirements of the industry. FedNow aims to democratise access to instant payments, providing financial institutions with the opportunity to participate in the ecosystem and bringing them new offerings.
Improving instant payments
Routable’s B2B payments solution aims to support finance teams in automating and simplifying the payables process from invoice receipt to settlement, supporting existing workflows and offering the flexibility to scale transactions to over 100,000, as the platform was created to handle mass payouts while reducing time spent on manual tasks.
By expanding access to instant payments, Routable’s customers gain more control over when and how to pay their vendors and contractors. The company will also be able to automate its existing real-time payments offering so its customers can send instant payments to up to 85% of US bank accounts. Additionally, FedNow also expands instant payment availability for customers transacting with smaller or regional banks.
Instant payments are available through Routable 24/7/365, enabling businesses and companies to send funds in seconds, even on holidays or weekends. Routable displays which vendors are eligible to receive instant payments, offering customers the chance to choose the best method for every payment.
The partnership comes as FedNow supports Patelco members in receiving instant payments. Patelco serves approximately 500,000 members across Northern and Southern California and manages close to USD 10 billion in assets, according to the official press release. The initial rollout of the FedNow Receive capability is limited to members holding wealth management accounts, allowing them to receive funds instantly at any time. Plans to introduce Send functionality are expected later this year.
