Routable Incorporates FedNow Instant Payments in Accounts Payable Automation System
Routable Enhances Instant Payment Capabilities with Multi-Rail Approach
In a significant move, Routable, a leading accounts payable automation platform, has expanded its services to allow customers to identify vendors that accept instant payments. This development comes as the company integrates both the FedNow Service and the Real-Time Payments (RTP) network, a multi-rail approach that enhances flexibility for financial institutions.
According to an intelligence report, 58% of US financial institutions offering instant payments currently use both RTP and FedNow networks. This multi-rail adoption is crucial for resilience and operational integrity, providing backup options when needed.
The integration of FedNow, which caters to smaller and regional banks, is essential for expanding instant payment reach beyond the largest banks. Routable's platform now enables customers to send instant payments to 85% of bank accounts via these networks, offering more control over when and how to pay vendors and contractors.
While the use of RTP and FedNow services is advancing instant payment adoption across the US banking spectrum, challenges remain in fully embedding real-time payments into operations and workflows. Internal processing delays, legacy systems, and limited real-time controls can hinder seamless instant payment execution at scale.
Routable's platform, however, provides a solution by integrating FedNow alongside RTP, broadening the scope of instant payments in accounts payable automation. This move helps businesses improve vendor relationships by speeding payment processes and offering transparency by showing which vendors can receive instant payments, allowing optimized payment routing by customers.
Recently, Routable has also introduced an artificial intelligence agent to its platform, a development mentioned in February. This AI agent can detect invoice anomalies, duplicate invoices, and human data entry errors, further improving the accuracy and efficiency of invoice processing. The company's commitment to innovation in accounts payable automation is evident in this expansion.
Moreover, a Routable collaboration report titled "Accounts Payable Automation" found that 70% of marketplaces anticipate improved vendor relationships as they innovate their accounts payable platforms, particularly in regards to payment processing speed.
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- Routable's integration of the FedNow Service and Real-Time Payments (RTP) network, a multi-rail approach, aims to combat fraud by offering more control over instant payments to businesses.
- With 85% of bank accounts now reachable via these networks, Routable's platform facilitates ecommerce and finance business transactions, enhancing innovation in the B2B market.
- The artificial intelligence agent introduced by Routable can detect fraudulent activities such as invoice anomalies, duplicate invoices, and human data entry errors, contributing to the overall efficiency of the platform.
- The company's collaboration with marketplaces suggests that 70% of them anticipate improved vendor relationships as they innovate their accounts payable platforms, particularly in regards to payment processing speed.
- As financial institutions increasingly adopt both RTP and FedNow networks, technology plays a key role in driving collaboration and resilience within the B2B payments market.
- Staying updated on accounts payable automation trends can help businesses make informed decisions, and subscribing to Routable's B2B Newsletter is one way to achieve this.
