Recipient First Use - Additional Payment Approval

Description:

Financial Institutions can opt for an additional approval requirement for any payment to a new recipient.

For every payment to a brand new recipient, additional approval will be required by the FI's back office team.

Configurations

• This is configurable on a per company basis.

• Support request to PayRecs is required to enable

  • Provide the Company name(s) to enable.

• The FI's operation team will require logins to the Partner portal, as well as the proper permissions.

Minimum Permissions required:

• View End-User Corporate Payments

• Approve End-User Corporate Payments

Workflow

1. Client creates a payment to the new recipient

2. If Payment Approval is enabled for their company, it will require dual approval from another user.

3. Once dual approved, Back office users will be notified of a payment requiring approval

   1. Example:

      

4. Back office user logs into PayRecs and identifies the payment from the Payments Hub menu

   1. Optional, use the Waiting for Bank Approval status filter

      

5. Select the desired payment and click the "Approve/Reject" button to take action on the payment.

   1. Approve/Reject not there? Review the permissions above in the Configurations section.