What is Transfer Approval Policy?
The Transfer Approval Policy helps your business have better control over spending on the Aspire platform. It follows the maker-checker principle and serves as a gatekeeper for your business's outbound transactions.
Companies can create their transfer approval matrix on Aspire in three easy steps. Once the approval matrix is set up, transfers are automatically routed to the right approvers before transferring to the beneficiary.
Transaction Coverage
What's Included
The Transfer Approval Policy applies to:
Outbound transfers including bill payments, budget transfers, and claim transfers.
Same-currency transfers from Aspire HKD, CNY, USD, EUR, and GBP accounts.
Foreign currency transfers from Aspire HKD, CNY, USD, EUR, and GBP accounts.
What's Not Included
Card payments (these are not covered by the transfer approval policy).
How the Approval Process Works
Once your Transfer Approval Policy is active, the transfer creation and submission process remains unchanged, but approval workflows are automatically enforced.
Submitting transfers
Notes: Only Admin, Finance with transfer rights, or Finance with submit-only rights users can submit a transfer.
On your Aspire dashboard, click "Funds" in the left navigation bar (web app) or click "Menu" and choose "Funds" (mobile app).
Select the relevant debit account.
Click "Submit a Transfer".
Choose or create a recipient and complete transfer details.
Submit the transfer.
View pending approvals by clicking Show Pending Approvals on the transfer page.
Approving transfers
Notes:
Only users designated as approvers in your company's transfer approval policy can approve the transfers (Admin users and Finance users with transfer rights).
Approvers can review and approve submitted outbound transfers via the mobile or web app.
On your Aspire dashboard, click "Transactions" in the left navigation bar (web app) or click "Menu" and choose "Transactions" (mobile app).
Click the "Pending" tab.
Under "Pending Approvals from you", choose the transfer you want to review.
Take action on the transfer:
To approve, click Approve.
To reject, click More, then select Reject.
What happens when an Approver creates a transfer?
Transfers created by an approver are automatically approved by them. In this case, some approvals may be skipped as mentioned below:
Approvals from the previous steps will not be required. (If a Step 2 approver creates a transfer, Step 1 approvals will not be needed).
Approvals at the same step will not be required if the setting is "Anyone can approve". (If an approver creates a transfer, they also automatically approve it. If the setting for that Step is "Anyone can approve", other approvals at that Step are not needed).
Approvals at the same step will be required if the setting is "All must approve". (If an approver creates a transfer, and the setting is "All must approve", then all other approvers at that Step must approve the transfer).
Approvals from subsequent steps will be required. (If a Step 2 approver creates a transfer, Step 3 approvals will be needed).
Let's see this with an example:
This is the Transfer Approval Policy for a company. When John (Step 2 approver) creates a transfer,
Step 1 approvals (Philip & Amanda) are not needed since John is a Step 2 approver.
Mary's approval is needed because the Step 2 setting is "All must approve".
Once Mary approves the transfer, it is executed.
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