How to create a Transfer Approval Policy
Note: Transfer Approval Policy Feature is not available for Hong Kong-incorporated businesses. All submitted transfers are reviewed and approved by Admin users.
Admin users can create a payment Transfer Approval Policy in three easy steps. Once the policy is set up, payments are automatically routed to the right approvers before transferring to the beneficiary.
Let's see how to set up an Approval policy. This is a sample Approval Matrix for a company:
As you can see, we have multiple approvers at different steps based on the amount that needs to be transferred. Similarly, you can create your own Transfer Approval Policy on Aspire.
Step-by-Step Guide:
On your Aspire dashboard, click "Policies" in the left navigation bar (web app) or click "Menu" and choose "Policies" (mobile app).
Once you're on the Company policies page, select "Transfer approval policy".
Step 1: Define Transaction Ranges:
To create a new Approval Policy, the first step is to add new transaction ranges and specify the range limits:
Notes:
The Transfer Approval Policy is set up based on the default currency of where your business is incorporated (e.g. If your business is incorporated in Singapore, the default currency would be SGD).
Transfer amounts in currencies different from the default currency are converted at the mid-market exchange rate during transfer submission to determine the applicable transaction range.
You can create up to 3 transaction ranges.
The first range starts from SGD 0.
A defined Range will be inclusive of the lower limit and less than the upper limit. In this example, SGD 10,000 is in Range 2, and SGD 20,000 is in Range 3.
Step 2: Add Approvers
In the second step, add your approvers for each range. This can be done in three parts:
Add Approval Steps: You can add up to three Approval Steps in every range. After Step 1 is approved, the transaction will go for Step 2 approval and so on.
Assign approvers in each Step: Select users who will be approving transfers. Only Finance users with Transfer rights and Admins can be approvers.
Select settings for each Step: Select whether Approval is required from Any one approver in a Step or from All approvers in a Step.
Notes:
Approvers added in one range are not automatically added to the next Range. (For example, Approvers for SGD $0 to $10,000 are not automatically added in SGD $10,000 to $20,000).
Approvers across ranges are independent. If you want to add the same approvers from Range 1 to Range 2, you must add the same users again in Range 2.
Step 3: Review the policy and publish changes
You're almost there. The last step is to Review the policy and Save it. If you want to make changes, go back to the previous steps to make edits.
Once you are happy with the Policy, hit "Save Policy", enter the OTP, and you're done!
Here are a few things to keep in mind!
If an Approver creates a transfer, they don't need to approve it. Some approvals may be skipped. (Click here to read more about this)
Approval policies can be edited by Admins only. Other Admins are notified whenever the policy is updated.
Approval policy applies to transfers only after the policy is published. Previously created transfers will go through the older approval process.
All updates to the Approval Policies will be visible in the Approval Policy activity logs:
How to reset an existing Transfer Approval Policy
On your Aspire dashboard, click "Policies" in the left navigation bar (web app) or click "Menu" and choose "Policies" (mobile app). Once you're on the Company policies page, select "Transfer approval policy".
Click "Edit" button on the upper right of the page
Delete all created ranges, then click "Continue"
Assign at least one approver (preferably an Admin user) to review transfers submitted by your Finance Submit users, then click "Continue"
Review the changes on the policy, then click "Save Policy"
Questions? Chat with us by clicking on the messenger icon at the bottom right of the screen once you are logged in.