Vault launches transfer approval feature for businesses in Canada

By Delisha Fernandes

Vault, a Canada-based digital financial platform, has launched its Transfer Approval feature designed to help business owners save time and empower their teams.

This addition provides owners complete flexibility in managing their Accounts Payables (AP) process, with enhanced control and visibility into payments.

Vault’s Transfer Approval feature addresses the challenge of managing bank transfers within a growing, multi-user organization by offering owners the ability to set explicit limits on the funds their employees are authorized to transfer. Using Transfer Approvals, admins can review and approve or reject transfers before they are processed, effectively aligning spend to company policies.

Vault aims to facilitate better business banking by enabling expense policy compliance and strategic business planning:

• Expense Policy Compliance: Transfer Approval rules enable a culture of trust and empowerment by granting employees autonomy within predetermined limits. Every transfer above the threshold is reviewed, preventing unauthorized transactions in violation of company spend policies.
• Strategic Business Planning: Owners proactively manage expenses by aligning transfer limits to department or project budgets, ensuring accurate business planning and resource allocation. Customized multi-level approvals offer flexibility to create workflows that accommodate unique business processes.

“Our customers’ success is our top priority, and Transfer Approvals is another feature created with the aim of giving our users all the tools and functionality to seamlessly manage their business, all in one place,” said Ahmed Shafik, Co-founder at Vault. “Customer feedback drives our growth as we prioritize shaping our decisions based on their input and place their business needs at the forefront of product development.”