The Maker-Checker Process And Its Benefits For Your Business

4 min read

What is a maker-checker process?

The maker-checker process is a workflow that requires at least two individuals to agree to a transaction. Often, for business transactions, the person keying in the transaction will need to verify whether the overall costs, such as rates and fees, work for the company. Then, another person who handles the budget will authorise the transaction.

So, the maker-checker workflow on payment applications like Wallex is handy in that it allows one person (“maker”) to make the transaction and then that transaction request is automatically sent to the second person (“checker”) to approve the transaction. Upon the approval of a transaction, the payment can then immediately start to be processed!

Imagine that you are keying in the transaction but you accidentally missed a decimal point. You end up sending far more to the recipient than needed. This is why the maker-checker process is also known as “4-eyes”, referring to how there is at least a second pair of eyes to check that the transaction is correct. Since transactions contain sensitive information, it is important to have a second look to verify all information is correct and no mistakes are made.

The benefits of multi-level approval for your business

1.  Multi-level approval prevents human error

The maker-checker process is a business process designed to reduce human error. With one person performing the action and another approving it, it gives the chance for an additional round of review.

When data gets checked twice, it leads to better quality control. This ensures that a business makes no error that would affect the business cash flow, operations or reputation.

2. Multi-level approval enables a more efficient process

In principle, the maker-checker process may be happening through manual Whatsapp messages and emails but not systematically done within the application.

When the approvals are done outside the application, it can mean double work because the instructions (be it an approval, rejection or amendment) would still have to be reflected onto the application.

3. Multi-level approval increases transparency

By setting up the maker-approval workflow directly within the application, the “Checker” can have a purview on how the transactions are being done, thereby increasing the transparency in decision-making processes overall. This may also ease communication within the team promptly.

4. Multi-level approval ensures safety and prevents fraud

The maker-checker process ensures more accountability from each member of the organisation. By that, no one can misuse their access to making transactions on behalf of the organisation and misallocate funds.

The “Checker” acts as a person to check that all transactions made are not fraudulent and in line with the aims of the organisation.

How the maker-checker process works for business transactions through Wallex

When setting up Wallex users for your business, you can configure who is a “Maker” and who is a “Checker”.

Setting up the Approver Matrix

The approver matrix can be set up 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.

  1. Number of approvals required can change as per the value of the transaction, dependent on the business’s unique needs. (e.g. At least one Level 2 approval is required for transactions between S$ 500,000 - S$ 1,000,000)
  2. A group of approvers can be created such that any of the users in that group can approve the relevant transaction.

Amount from

Amount to

No of approval

Group of Level 1 Approvers

Group of Level 2 Approvers

>= 0

< 500,000


Any One

Any One

>= 500,000

< 1,000,000


Any One

At least 1 

>= 1,000,000


Any One

At least 2

Transacting using Approver Matrix

Steps for "Maker"

  1. 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.
  2. 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 “Checker”

  1. Log in to your Wallex account and click on Pending Approval in the main menu. Locate the relevant transaction and click 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.

For new users, sign up on to get started.

For existing users, you can set up your account with a maker-checker workflow by reaching out to your Account Manager.

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