Feature update: transfer approvals
What's new
If you have multiple admins attached to your account, you can now establish company-wide control rules requiring a second approval for any outbound transfers which either:
- Exceed the maximum amount of outbound transfers that can occur within a 24-hour period
- Exceed a maximum individual transfer threshold
How this helps
If you require approvals for larger transfers, but don't want to unnecessarily restrict smaller day-to-day transfers, this feature allows you to enforce your organization's preferences without imposing undue delays on routine activity.
If you have auto-transfer rules set up on a specific cash account, any outbound transfers initiated by them will not count towards the daily aggregate threshold. Additionally, they will not require approval even if they exceed an active individual transfer rule.
Who this impacts
Admin accounts, who can now establish these rules and also gain the ability to approve or reject transfers which trigger them.
To get started
Go to Settings, then Controls under Global menu options, then click Configure transfer approvals. You'll see the below.
In this menu, you can enter a daily aggregate threshold: the maximum amount of funds that can be transferred out of your Mayfair account within a 24-hour period before requiring a second admin's approval.
The daily aggregate threshold period is a rolling 24 hours. E.g.: if you set your threshold at $1m and you make a $900k outbound transfer at 1PM, you would be unable to make outbound transfers of more than $100k without additional approval until tomorrow at 1PM.
You can also toggle and define an individual transfer threshold: the maximum amount of funds that can be moved out of your Mayfair account in a single transfer before requiring a second admin's approval.
You may use the daily aggregate rule by itself or both rules in conjunction. You cannot use only the individual transfer rule. When using both, the daily aggregate rule must be for an amount greater than the individual transfer rule.
Once Confirm is clicked, an email is sent to all admins, except the original requester, which contains a link via which admins can approve or reject the approval rule. Once one admin has clicked the link, the rule will update as active on your dashboard.
When an outbound transfer triggers either rule, an email is sent to all admins except for the original requester. The email contains a link via which an admin can approve or reject the transfer without needing to log in. The transfer will not occur until one admin has clicked on the approval link.
