What are Transaction Approvals?
Transaction approvals are a security feature that requires one or more designated individuals to review and authorize specific financial transactions before they are processed. This is also known as “Dual Control” or “Dual Approval”.
Benefits for Commercial Clients
Transaction approvals are now available in the mobile app, offering a convenient and efficient way for authorized users to review and approve transactions from anywhere. This feature allows businesses to implement a checks-and-balances system, ensuring that no large or critical transaction is completed without proper authorization. By having the ability to review and approve transactions remotely, businesses can protect themselves from fraud, errors, or internal mismanagement, even when key decision-makers are offsite.
Enabling Transaction Approvals
To use Transaction Approvals in mobile banking, an account administrator must enable the feature in online banking:
- Login to online banking
- Navigate to the Administration tab
- Then Company Administration
- Then Approval Settings
Granting Approval Permissions
To use grant approval permissions to additional users, an account administrator must enable the feature in online banking:
- Login to online banking
- Navigate to the Administration tab
- Then click Company Administration
- Select the desired user profile
- Click Edit ✎
- Select Allow this user to approve transactions
- Click Save Changes
Note: To confirm a user's permissions, navigate to the Roles section where it should say approval.
Using Transaction Approvals
If your user ID has the requisite approval permissions described above, you can approve a transfer, transaction, or other action initiated by another user in the mobile app:
- Login to the app
- Tap Approvals in the navigation bar
- Select the action you wish to approve from the menu
- Transfers, transactions, templates, scheduled requests, users, and files
- If there is an action to approve, you will be able to tap to review it, then tap Approve.
Downloading the App
To use our Commercial Banking mobile app, you will need to download it in the Apple App Store or Google Play store.