Beneficiary/Payee Approval
A beneficiary approval step can be enabled when new supplier bank details are being added to Voly so that payments cannot be made to that Supplier/Payee until the new bank details have been reviewed and approved.
By default, new payee details that are submitted to the system do not require any approval. To turn on the beneficiary approval feature on your Voly account, please contact the Voly team who will enable this for you.
When the beneficiary approval is enabled, the B4B logo will be displayed with an hourglass next to any new Supplier details that require approval.
While the beneficiary details are pending, direct payments cannot be made via the Voly platform to that supplier until the user with permission to approve the details has done so.
Approving Beneficiary Details
If you have permission to approve, you can set an email notification to be notified when a new beneficiary has been submitted. Simply go to Settings > Notifications > enable ‘A beneficiary has been created which requires my approval’.
You will see any pending beneficiary details requiring your approval on the Approvals page under ‘Beneficiary requiring your approval’. The beneficiary details will sit on the Approvals page until fully approved.
In Approvals, you will be able to see who created the beneficiary by hovering over the 'i' symbol before completing the approval. These comments are automatically created by the system for auditing purposes.
Click ‘View Beneficiary Details’ to review the supplier bank details that have been submitted.
To approve the beneficiary details, click the pen & paper icon on the right-hand side.
To reject the beneficiary details, click the cross symbol at the end of the line.
Once the beneficiary/payee details have been approved, it will disappear from the Approvals page, and the hourglass symbol will no longer be visible on the Supplier name. You will now be able to make payments against the supplier.
If the beneficiary/payee details have been rejected, it will disappear from the Approvals page and the details will be fully removed from the Supplier name. The user who submitted the payee details will then receive a notification that the details have been rejected. They can re-add the correct beneficiary/payee details to the Supplier. This will restart the approval process.
Beneficiary Auto-Approve
The beneficiary auto-approve feature applies when the beneficiary approval step is enabled and allows specific admin users to add beneficiary details without following the standard approval process and requiring approval from another admin.
This means that the beneficiary details will be automatically approved and added against the supplier without requiring approval. Payments can then be made against the supplier straight away – unless the beneficiary is temporarily held for sanction checks by the payment provider.
Please Note: You will see an hourglass on the B4B icon if that is the case and will need to wait for those sanction checks to be finalised before being able to make payments against the beneficiary.
The beneficiary auto-approve feature is a permission that can be given to individual admin users. You will see the Voly Money - Beneficiary auto-approval permission under the Voly Money permission in your settings.
Please contact the Voly team if that is a feature you would like to enable on your account.
Still have questions?
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