Routable Introduces Real-Time Payments (RTP) To Enable Scalable Instant Payouts

Banking CIO Outlook | Wednesday, June 01, 2022

Routable's clients now have access to the industry's quickest payment rail while keeping the security, flexibility, and ease of use they've come to expect.

Fremont, CA: Many consumers, merchants, and financial institutions claim to be able to pay friends and customers, settle payments, and transfer money at the drop of a hat due to the widespread use of real-time payment systems throughout the world. While the notion of "paying immediately" is not new — after all, cash is an immediate payment transaction instrument — the rise of "real-time payment" choices has helped customers adopt a new standard.

Routable, a contemporary and simple business payments platform focused on bulk payouts, released Real-Time Payments (RTP®), enabling businesses to pay suppliers and contractors in seconds securely. Routable designed RTP® with its significant expertise in bulk payments in mind so that it can expand from 250 payouts monthly to over 100,000. As a result, it is a huge competitive advantage for businesses trying to deepen connections with critical third parties while also improving productivity at scale.

"We know how critical it is for our customers to maintain strong relationships with the vendors and contractors that keep their businesses running. Providing instant payments is a great way to do that," said Omri Mor, Co-founder and CEO of Routable. "This is particularly compelling for companies that operate in crowded markets and are competing for a limited number of contractors, such as real estate, ridesharing or food delivery. If an agent or driver knows they'll be paid instantly by one company – including over the weekend – but could wait days to receive payment from another, that's absolutely going to impact their decisions on who to work for." 

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RTP® has the following advantages:

Fast payment Funds are transmitted, received, and ready for usage in the recipient's bank account in seconds.

Always present 

 Transaction processing is available 24 hours a day, seven days a week, to suit all payment schedules.

Simplified communications 

Immediate payment confirmation and remittance data guarantee that both parties are constantly up to date on payment status.

Eliminates late fees

Instant transactions protect senders from penalties incurred as a result of payment delays.

Intuitive and adaptable 

The simple API is suitable for any environment and effortlessly integrates with the current payment infrastructure.

Routable's RTP® shifts the burden to the sender, with its industry-low transaction charge handled by the sender rather than the end receiver, enabling prompt payments at scale.

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