How do approvals work in Online Banking for Business?
To better protect your accounts, you can rely on our robust and customizable approval system. Here’s how it works:
- A user or administrator makes a change or creates a payment.
- Depending on the settings, a set number of additional users need to approve the change or payment.
- Once all approvals are in, the change is saved or the payment is processed.
Note: The final approver of a payment also needs to pass an identity check using their RSA SecurID token before we can process it.
A change or payment won’t be considered completed until the defined number of approvals has been received. Administrators can customize the number of required approvals by user, service and account. They can set a fixed number of required approvals or have it change dynamically so that transactions above a certain amount require additional approvals.
To maintain segregation of duties, a user who created or last modified a change or payment cannot also approve it.
If a change or payment is modified during the approval process, all approvals received up to that point are reset and the approval process starts over.
Did you know? Each payment service allows you to also set transaction limits for your users. How transaction limits work