Routable has announced the launch of Real-Time Payments (RTP), a service that is designed to enable businesses to pay vendors “within seconds.”
According to a statement from the company, RTP can accommodate businesses as they scale from 250 payouts per month to over 100,000. The ability to scale is expected to be a key differentiator in the market.
Omri Mor, co-founder and CEO of Routable, believes that instant payments is a great way for their customers to solidify relationships with vendors and contractors:
“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.”
RTP is nearly immediate, available 24/7 and easily integrated with an API. RTP is also said to have an industry-low transaction fee being covered by the sender. Routable claims that RTP is the industry’s fastest payment rails while maintaining security, and flexibility.
