Improve corporate governance and financial control on FX payments using a customizable Multi-Level Approval Matrix. This feature enables you to create payments that will only be executed after a certain number of pre-specified approvals have been obtained.
Setting up the Approver Matrix
- The approver matrix can be set up for a company account as a single or multi level approver matrix. Each person in the approver matrix needs to be an approved user of the company’s wallex account.
- Number of approvals required can change as per the value of the transaction, dependent on the business’s unique needs. E.g. Atleast 1 level 2 approval is required for transactions between S$ 500,000 - S$ 1,000,000
- A group of approvers can be created such that any of the users in that group can approve the relevant transaction.
- Setting up of approver groups is in Beta right now. To get in on this feature and set up your account with an approver matrix, reach out to your account manager or write to us at firstname.lastname@example.org.
|Amount from||Amount to||Number of approval||Group of Level 1 Approvers||Group of Level 2 Approvers|
|>= 0||< 500, 000||2||Any One||Any One|
|>= 500,000||< 1,000,000||2||Any One||At least 1|
|>= 1,000,000||3||Any One||At least 2|
Transacting using Approver Matrix
Steps for Creator of the transaction
- Click on Send Money in the menu and set up your FX transaction. Now fill in the transaction details on section 1, select a bank beneficiary in section 2 and add purpose of payment in section 3.
- If the account is set up with an Approver Matrix, you will see section 4 which allows you to select the approver (checker) for this transaction.
3. For the purpose of demonstration we are using a transaction of SGD 100,000 which needs two approvals from any of the approving users.
4. After selecting the relevant approvers, click on Send for approval.
5. The payment request is now created and awaiting approval from the assigned approvers.
Steps for Approver
1. Log in to Wallex account and clicks on Pending Approval in the main menu. Locate the relevant transaction and clicks on View button to see details of the transaction.
2. After reviewing the transaction, click on Approve to progress the transaction or choose Reject to send it back to the creator of the transaction.
3. Authenticate the transaction by entering the OTP received on the registered email address. Enter the OTP when prompted and click Send.
4. The payment has now been approved or rejected as per the instruction received. Any subsequent approvers will follow the same steps till the transaction is fully approved.