Clients can set up an approval policy when creating or editing recipients. This feature enables the four-eyes principle to prevent fraudulent or incorrect bank accounts from being added and ensures clear segregation of duties between those who prepare recipient details and those who approve them. Before you set up a recipient approval policy, ensure you have the Approval-Manage permission enabled on your profile.

Next Steps

To create an approval policy for recipients, follow these steps:

1. Log into your OFX account.

2. Navigate to the Approvals section from the sidebar menu.

   

3. Select Policies from the dropdown menu.

   

4. Click on + Create policy.

   

5. Enter a Policy Name that clearly identifies its purpose (e.g., 'New Vendor Approval').

   

6. Set up the trigger:
   a. Click on the Start with the trigger dropdown.
   b. Select the Any recipient was created or modified option.

   

7. Define the approval workflow:
   a. Click on Add a step under the Apply the steps required to approve section.

   

   
   b. Click on Select an approver to add and choose the relevant team members from the dropdown.
   c. Click on Select an option under the Stage is complete when field to decide if one or all approvers in this stage must approve.
   d. To add multi-level approvals, click Add another step and repeat the process for subsequent approvers.

   

8. Confirmation: Review all details and click Save.

   

What happens next:
A confirmation message will be displayed to indicate the policy has been successfully created. Any new recipient added or any changes made to existing recipient details will now enter a Needs Approval status and will not be available for payments until an authorised approver reviews and approves the request.

Why is this important:

Setting up a recipient approval policy is a vital step in guarding your business against "Man-in-the-Middle" fraud and accidental errors. By requiring a second set of eyes on bank account modifications, you ensure that funds are always directed to legitimate suppliers. This process streamlines your workflow by separating the "preparer" and "approver" roles, maintaining high security without delaying your global transfers.

Related FAQ Articles:

• How do I create a policy for a recipient?

• How to set up an Approval policy

• Using "steps" to create multi-level approval policies

• How does a user view a policy?