iBanFirst allows companies to setup payment validation rules, to reflect their own payment validation rules and internal controls.
Payment validation rules determine which signatures are required before a payment can be executed. When a new payment is created that requires to be validated, authorized users are notified by email.
The last signature does not automatically validate the payment, meaning that a payment must still be validated in the platform, after the last signature.
We support various types of payment validation rules:
- Split between account creation and validation roles
- Number of signatures
- Payment amount thresholds
- User group-based signatures
Do not hesitate to get in touch with your account manager to discover how to best setup your iBanFirst account depending on your company needs.
Split between account creation and validation roles
Split users that can create payments from users that can validate payments, with the correspond user rights accessible from the user setup screen, under Settings > Users > Modify user.
Number of signatures
You can setup the number of signatures required to validate a payment, from 1 to as many as you wish. This setup must be activated by your account manager.
Payment amount thresholds
Setup a payment amount threshold for a user, above which a payment must be validated by another user, under Settings > Users > Modify user.
User group-based signatures
User group-based validation rules can be combined with other types of payment validation processes. They can allow a company to setup validation rules involving signatures from users in two different locations, for instance a signature from a local branch employee and a signature from an headquarter employee. User group-based validation rules must be setup by your Account Manager.
An example of payment flow with validation rules
- User A enters a payment. They cannot validate the payment, because they don’t not have signature rights, or the payment amount is greater than their authorised amount, or multiple signatures are required. User A submits payment to be signed by one or multiple other users.
- User B (and more if multiple validations are required) is notified by email than their signature is required. They sign the payment.
- Once the payment has the required number of signatures, user A or B can validate the payment in the platform.