iBanFirst: Payment Validation Rules
iBanFirst allows companies to set up payment validation rules that reflect their internal controls and specific validation requirements.
Overview of Payment Validation Rules
Payment validation rules determine the necessary signatures before a payment can be executed. When a new payment is created that requires validation, authorized users receive email notifications.
It’s important to note that the last signature does not automatically validate the payment; it must still be validated within the platform after the final signature.
Types of Payment Validation Rules Supported
Split Between Account Creation and Validation Roles
Separate users who can create payments from those who can validate them. User rights can be managed through the user setup screen under Settings > Users > Modify User.Number of Signatures
Specify the number of signatures required to validate a payment, ranging from one to any desired amount. This configuration must be activated by your account manager.Payment Amount Thresholds
Set payment amount thresholds for individual users. If a payment exceeds this threshold, validation by another user is required. This can be configured under Settings > Users > Modify User.User Group-Based Signatures
Combine user group-based validation rules with other payment validation processes. This allows a company to require signatures from users in different locations, such as one from a local branch and another from headquarters. Setup for user group-based validation rules must be handled by your account manager.
Example of a Payment Flow with Validation Rules
Initiating a Payment:
User A enters a payment but cannot validate it because they lack signature rights, the payment amount exceeds their authorized limit, or multiple signatures are required. User A submits the payment for approval from one or more users.Signature Notification:
User B (and any additional users, if multiple signatures are necessary) receives an email notification indicating that their signature is required. They then sign the payment.Final Validation:
Once the payment has the required number of signatures, either User A or User B can validate the payment in the platform.
Get in Touch with Your Account Manager
Don't hesitate to reach out to your account manager to learn how to set up your iBanFirst account in accordance with your company’s needs.