What is an approval policy?

The approval policy allows you to determine the number and level of approvals required for your users to authorize certain administrative and financial operations. For the majority of businesses, one or two level of approvals is enough and will meet your needs.
 

When you sign up for online banking for business, we determine a minimum approval account (MAC) required as outlined in your Business Banking Agreement. You must have at least one approval.


You must manage the required approvals for the following categories of administrative operations :

  • Manage account groups (create, copy, edit, and delete) 
  • Manage job roles (create, copy, edit, and delete)
  • Manage permissions (assign and remove a job role or group of accounts to a user) 
  • Manage self-approved users (activate and deactivate a self-approved user)


You must manage the required approvals for the following categories of financial transactions :

  • Payments – file option (upload a payment file – file option) 
  • Electronic Funds Transfer (EFT)


To edit an approval rule :

  1. Sign in to online banking for business.
  2. Click Manage access from the main menu.
  3. Click the Approval rules tab.
  4. Click the edit (pen) icon next to the approval rule you want to edit.
  5. Choose a new approval policy, then click Submit. 


Approvers must approve edits to an approval rule. They’ll be notified that an action is required on their part


Important information

  • There are five approval levels (A, B, C, D, and E). The level depends on the user's position in your business. 
  • You can select a combination of approval policies based on the number of administrators and users in your organization. For example, if you are the only administrator, you must select One approval – Level A.
  • You can also maintain a corporate structure that requires one Level A approval, or two approvals with Level A and B, regardless of the number of users or administrators in your business.
  • You must assign the approval levels to the relevant job roles.
  • If you change or remove an approval policy for a permission, any pending requests requiring multiple approvals will need to be reapproved under the newly assigned policy.