Routable, an accounts payable automation platform, has recently introduced FedNow instant payments for its users.

As the demand for faster transactions grows, businesses are seeking greater flexibility. The Federal Reserve’s FedNow enhances Routable’s capabilities in instant payments, enabling the company to better cater to customer needs while adhering to industry regulations. FedNow seeks to make instant payments more accessible, providing financial institutions with new opportunities.

Enhancing Instant Payment Solutions

Routable’s B2B payment system is designed to streamline and automate the accounts payable process from invoice receipt to settlement. It supports current workflows and can handle up to 100,000 transactions, making it suitable for mass payouts while reducing manual effort.

By broadening access to instant payments, Routable’s clients gain greater control over when and how they pay their vendors and contractors. The company will also enhance its existing real-time payment offerings so that customers can send instant payments to nearly 85% of US bank accounts. This expansion also includes smaller or regional banks.

Instant payments are available through Routable around the clock, allowing businesses and companies to transfer funds in seconds even on holidays or weekends. Routable identifies vendors eligible for instant payments, giving customers options tailored to each payment scenario.

The partnership with Patelco further highlights FedNow’s capabilities. Patelco supports FedNow for its members, particularly those holding wealth management accounts, enabling them to receive instantaneous payments anytime. Plans to integrate the Send functionality are anticipated later this year.