How do transaction limits work in Online Banking for Business?

Last updated on Oct 23, 2023

Transaction limits serve as a safeguard against unexpectedly large outgoing payments. Admins can set different limits for the various payment services.

The limits are generally of two types: entry limits and approval limits.

Entry limits apply to users. It keeps users from entering payments that are above the configured limits.
Approval limits apply to approvers. It keeps approvers from approving payments that are above the configured limits.

These limits can be specific to the formats of payments, such as freeform or template, or to a certain time period, such as daily limits.

For example, a payment creator has a daily limit of $70,000 and the payment approver has a daily limit of $50,000. If the user creates two payments with the amounts being $10,000 and $60,000, their approver will not be able to approve the second payment.

Transaction limits are hard limits that users won’t be able to exceed. How to set transaction limits for users