Routable Adds FedNow Instant Payments to Accounts Payable Automation Platform

Routable added the FedNow® Service to the instant payment capabilities accessible through its accounts payable automation platform.

The FedNow Service expands the availability of instant payments for customers who transact with smaller or regional banks. Routable customers can now send instant payments to 85% of bank accounts via FedNow and the RTP® network’s real-time payments, which are already available on the platform, the company said in a Friday (Aug. 15) press release.

The platform displays which vendors can receive instant payments so that Routable customers can choose the best method for every payment, according to the release.

“By expanding access to instant payments, our customers have more control over when and how to pay their vendors and contractors,” Routable co-founder and CEO Omri Mor said in the release.

The PYMNTS Intelligence report “Accounts Payable Automation,” a Routable collaboration, found that 70% of marketplaces expect their vendor relationships to improve as they innovate their accounts payable platforms, especially when it comes to payment processing speed.

The report also found that 79% of online marketplace executives expect innovation to speed up payables processing.

The PYMNTS Intelligence report “Are Challenges Still Holding Back Instant Payments Adoption in the US?” found that businesses and consumers support instant payments, driven by a desire for faster, more efficient transactions.

Among businesses, there is also a recognition that instant payments can enhance liquidity management and boost customer and vendor engagement.

The PYMNTS Intelligence report “Doubling Down: The Growing Case for Multi-Rail Real-Time Payments” found that 58% of U.S. financial institutions that enable instant payments do so through both the FedNow Service and RTP network.

The report said that this multi-rail approach enhances flexibility for financial institutions, enabling them to support diverse transaction needs and expand their real-time payment reach across a broader range of customers.

In another recent addition to Routable’s platform, the company said in February that it enhanced the platform by adding an artificial intelligence agent that can detect invoice fraud and human error.

The machine learning and generative AI now incorporated into Routable’s AP automation platform will detect invoice anomalies, duplicate invoices and human data entry errors.

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