Make instant B2B payments a reality with Real-Time Payments

In today’s digital economy information is transmitted in real time. So why is it that business payments are subject to standard operating hours, processing windows and cut-off times? Until now, business payments have lagged behind the speed at which businesses operate.

Earlier this year, Routable introduced our latest payment method Real-Time Payments (RTP), to enable businesses to send instant payments at scale to vendors and contractors. With RTP, funds are remitted directly to a recipient’s bank account, available for use within seconds. The best part of it all? By delivering immediate payments for goods and services, businesses are able to expand their partner networks and improve vendor retention to scale their business.

In this blog post, we’ll cover the advantages of using RTP and how you can get started.

What is RTP?

Real-time payments are payments that occur instantly, directly to a recipient’s bank account. Businesses and individuals can send and receive payments 24/7, and funds are immediately available for use by the recipient.

An RTP is completed through the RTP® network, which is monitored by a banking association and payments company called The Clearing House (TCH). Any federally insured depository can join the RTP® network without a membership to TCH. RTP first launched in 2017, and it's widely accepted by 61% of U.S. banks, including most major banks with adoption increasing each day.

The benefits of RTP

  • Delivery speed. Funds are sent, received and available for use in the recipient’s bank account within seconds.

  • Availability. An RTP can be processed 24/7/365, including weekends and holidays, with no cut-off times.

  • Transparency. Immediate payment confirmation and rich remittance data to streamline reconciliation and ensure both parties are always aware of payment status.

  • Improved control of cash flow. RTP transfers are cleared and settled within seconds, providing increased cash flow visibility for you and your vendors.

  • Partner satisfaction. Vendors and contractors will appreciate the speed at which funds arrive in their accounts.

How to send RTP with Routable

Routable makes sending Real-Time Payments a breeze. To send a payment using RTP:

  1. Create a payable. Select “Real-Time Payment (RTP)” as your delivery method.

  2. Check your account balance. This is important to ensure that account balance has sufficient funds to complete the payment.

  3. Select the recipient’s bank account. Bank accounts that are eligible to receive Real-Time Payments will show as “RTP-enabled.” If your vendor does not have an RTP-enabled bank account you will not be allowed to complete the transaction.

Initiating an RTP with Routable
  1. Add custom remittance data. You’ll have the option to add up to 140 characters of custom remittance data at no cost. Adding remittance information (such as invoice or purchase order numbers) will help both parties ease the reconciliation process by creating a relationship between payment and the purpose of the payment.

Adding RTP remittance information in Routable

That’s it, you’re ready to send! Once the payment is sent, recipients will receive a payment confirmation via email within a matter of seconds.

RTP confirmation in Routable

Sending RTP at scale

Just like all of our other payment delivery options, RTP can be sent via our REST API or through our CSV upload giving you the flexibility to send instant payments at scale and create the payout experience of your choice.

Get started sending Real-Time Payments

RTP is available to all Routable customers sending instant payments to U.S.-based vendors. Curious on how RTP compares to ACH transactions? Download our guide, Why Real-Time Payments Beat ACH.


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