Routable, a modern and intuitive business payments platform, with a focus on mass payouts, today announced the launch of Real-Time Payments (RTP), which allows businesses to securely pay vendors and contractors within seconds.
Routable built RTP® leveraging its extensive experience in mass payouts, so it can accommodate businesses as they scale from 250 payouts per month to over 100,000. This is a significant competitive advantage for companies looking to strengthen relationships with key third parties and improve operational efficiency 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, and 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."
Benefits of RTP® include:
Speed of payment - Funds are sent, received, and available for use in the recipient's bank account within seconds
Always on - Transaction processing twenty-four hours a day, seven days a week to accommodate all payment schedules
Streamlined communications - Immediate payment confirmation and remittance data ensures both parties are always aware of payment status
Eliminates late fees - Instant transactions ensure senders avoid fees due to payment delays
Intuitive and flexible - Easy to use API is compatible with any environment and plugs in seamlessly to existing payment infrastructure
Traditional real-time payment offerings require the recipient to elect to receive immediate funds and pay the associated transactional fees themselves. By contrast, Routable's RTP® takes that onus off the recipient, with its industry-low transaction fee being covered by the sender, rather than the end recipient making it possible to send instant payments at scale.
"To put it simply, we cannot operate without our vendors and contractors, so we're always looking for ways to deliver an exceptional payment experience that keeps our partners happy," said Stephen Kleva, CEO of Insparisk, and Co-founder of Data Fleet. "We've long known that delivering instant payments directly into their bank accounts would be the best experience possible, but until now it's been impossible to execute. With Routable's RTP® we can finally pay our partners immediately through their own preferred banks, which will be tremendously helpful in keeping these critical relationships strong as we continue to scale."
The launch of RTP® gives Routable's customers access to the industry's fastest payment rail while maintaining the security, flexibility, and ease of use they've come to expect.