You can add up to 5 levels of approval (10 eyes) to your payments to ensure that each payment has been correctly authorised.
If you have 5 levels of approval, you will need at least 5 individuals with the appropriate permissions to approve each payment. The payment will not be submitted until all levels of approval has been granted. If one approver rejects the payment, the payment will be cancelled.
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).
Setting up 4-eyes authorisation:
First, you need to set your admin user, which can be done with Ebury’s online team. The admin user will be the primary contact who can manage permissions.
Click onto your ‘Account’ page and click on settings. From here, scroll down to ‘4-eyes’, select it and click the ‘Save’ button.
Next you’ll need to activate your contacts. To do this, go back into Accounts, go onto ‘Users’ and click on the ‘Send activation email’ button to activate your contacts.
Once your contacts are activated, you can select ‘Manage permissions’. From there, choose ‘Authorise payments’, and click the ‘Save’ button.
You can now book trades and authorise payments.
How to use the 4-eyes function in trades:
When you’re booking a trade, assign a payment to the relevant beneficiary.
When this trade has been booked, your chosen person who has permission to authorise payments will receive a notification, and can logon to EBO to authorise.
Once they’ve logged on, they can review payments that are pending authorisation. They can then select the pending payment and either choose to approve or decline after they’ve reviewed it. Once the payment has been approved, the payment will be sent on the date of the trade.
If you have any questions or problems with this feature, email firstname.lastname@example.org to have your issue quickly resolved.