SECURITY010 - Approval Policies

Approval Policies

Approval policies can be used if your internal security and compliance policies require you to have one or if you require your Users to approve certain transactions. This is sometimes known as maker/checker or secondary approval. Approval policies allow you to create makers and checkers (approvers) for 4 types of transactions:

• Create Wallets
• Link Bank for Bank Transfer
• Link Bank for Rapid Bank Transfers (USA Only)
• Transfer to Bank 
• Wallet to Wallet Move

Creating wallets

This policy is "Entity" specific. You can only create one "Create Wallet" policy per entity. You can have one or more of your Users able to approve the creation of a new wallet. Those users need to be part of the selected entity. 

Linking Banks for bank transfer - (All countries)

This approval policy is for linking banks to your account for the purpose of transferring money out of your wallets. You can create one "Link Bank" policy per entity. You can have one or more Users able to approve linking a bank. Those users need to be part of the selected entity.

Linking Debit Cards for rapid bank transfer - (USA only)

This approval policy is for linking a debit card to your account for the purpose of transferring money out of your wallets using Rapid Bank Transfer (USA only). You can create one "Link Debit Card" policy per entity. You can have one or more users able to approve linking a debit card. Those users need to be part of the selected entity. 

Transfer to a linked bank

This approval policy is used when secondary approval for transferring money out of your wallets and into your bank accounts is required. This is entity specific. There are 3 levels (ranges) of transfer amounts that can be set and for each range selected, Users can be set as checkers (approvers). The highest amount is the highest level and is the overall maximum amount that can be transferred.

Wallet to wallet money move

This policy is entity specific. It allows secondary approval for movement of money from one of your wallets to another. You can have one or more users approve movement of money by amount ranges from a specified source wallet to another wallet. 

Level 1 Minimum = The amount up to which no secondary checker approval is required. This is typically 0.01 which means all transfers will require secondary checker approval. If you set it at for example $500 USD, transfers below that amount will not require any secondary checker approval.

Level 1 Maximum = The maximum amount that can be approved by Users selected for level 1 approval. If no other levels are active then this is the absolute maximum that can be transferred by anyone from the selected wallet.

Level 2 Minimum = The minimum amount on or above which a level 2 approver can approve. 

Level 2 Maximum = The maximum amount on or above which a level 2 approver can approve. If no other levels are active then this is the absolute maximum that can be transferred by anyone from the selected wallet. 

Level 3 Minimum = The minimum amount on or above which a level 3 approver can approve. 

Level 3 Maximum = The maximum amount that can be approved by Users selected for level 3 approval. This is the absolute maximum that can be transferred by anyone from the selected wallet.

 Example: Setting a policy for Transfer to Bank