If you wish to create a system of authorization of payments by level, you can activate the N-eyes procedure from the online platform.
This means that every payment that is allocated will have to be approved by another contact before it can be released.
Requiring multiple approvals for each payment increases the level of control and security you have over your transactions, ensuring that your payment execution is secure. It also significantly reduces the likelihood of operational risk (e.g. sending payments to the wrong beneficiaries or sending incorrect amounts).
You can add up to 5 levels of approval (10-eyes) to the payments to ensure that each payment has been correctly authorized. The payment will not be submitted until all levels of approval has been granted. If one approver rejects the payment, the payment will be canceled.
Step 1. Before setting up the procedure, you will need to contact your account manager or email email@example.com to designate an administrator of the online account. Only the administrator will be able to modify the permissions and levels of authorization.
Note: The appointment of the Admin can only be requested and approved by the Signatory of the account.
Step 2. Once the administrator has been set up, they need to log in to the account, click on their name on the navigation menu and go to Settings.
Step 3. The administrator will be now able to change the authorization workflow from Simple (no level of authorization) to 4-eyes, 6-eyes, 8-eyes or 10-eyes.
Once you have selected the desired level, click on Continue. An additional window will appear where the Admin will be able to set up user permissions (Levels).
From now on users with Level 1 (2, 3 or 4) permission can authorize payments instructed by a user with “Manage payments” permission.
The authorization does not need to be done in order, which means that the person with Level 3 can authorize a payment before a person with Level 1.