Description
Subsidiaries in PayRecs allow for a user to send wires from multiple companies but only require a single login. The parent company will require a Q2 profile in order to utilize the login and permissions.
Onboarding
Review before adding a subsidiary to reduce delays and possible duplicate submissions.
If a parent company is to be migrated to a subsidiary, or vice versa. Please contact PayRecs' support to assist with the migration.
Permissions/Limits
Subsidiaries inherit any limits and permissions configured at the parent and user level.
i.e. If the parent company in PayRecs has a limit per trade of 100,000, any subsidiaries will observe the same limit.
If a user has a limit per trade of 50,000, this will apply to sending wires from the parent and any subsidiary companies.
Account Entitlements
When it comes to accounts that are sourced from Q2/online banking, subsidiaries will inherit the access of the parent company. For example, in the screenshot below, the parent company has accounts ending in 0830 & 0831 enabled for international wires. If we were to uncheck any of those, both the profile and subsidiaries would lose access. Currently subsidiaries can not have unique access to those types of accounts.
Virtual Accounts or FX accounts like EUR, CAD, etc, are unique to subsidiaries and their parent. A EUR account can be enabled for a parent and not a subsidiary or vice versa.
i.e.
Parent:
Subsidiary:
Overview
Shared between subsidiaries and parent:
Single login
User limits
Company limits
Online banking funding accounts
Unique between subs and parent:
Recipients
Payment history
Virtual accounts(and associated incoming instructions).