Revolut announced a new feature called Payment Approval for business customers
Revolut introduces Payment Approval. Source: shutterstock.com
Popular mobile-only bank Revolut announced a new feature called Payment Approval for business customers. With this feature, team members will be able to draft payments which are then sent for approval. It is expected to give more control over when money comes and goes, as well as where it goes, avoiding situations when erroneous payments take place, or confusing backtracking is conducted in attempts to figure out why a particular payment was settled without approval.
Payment Approval allows a business owner to set rules on the transfer of funds, according to the roles set within the team. For example, a business can decide that payments greater than £1,000 must be approved by the Owner or Senior Accountant.
To set up a Payment Approval, navigate to Settings > Users > Choose user > Operations with funds > Payment approval rules. Set a value for this specific rule (e.g. £1,000), then choose the roles and number of people required to approve the payments.
