We're launching Payment Approvals
Januar is excited to launch Payment Approval, yet another important feature that improves payment workflows for clients.
At Januar, we strive to deliver enhancements to payment workflows that bring the most value to our clients. Our Januar Customer API delivered the foundation for payment automation, bringing process optimisations and scalability to our clients’ workflows.
Another equally important part of payment workflows involves maintaining control and auditing payout flows. Therefore, we are happy to announce that Januar is launching support for payment approval workflows.
payment approval workflows?
Simple. Payment approval workflows are financial practices requiring a payment to be approved by someone in the company, other than the person initiating the payment.
How can Januar clients
benefit from payment approvals?
Implementing approvals as part of payment workflows comes with several benefits for Januar clients:
- Ensures transparency, oversight, and control over payouts.
- Promotes accountability in the organisation from payout-involved employees.
- Catch payout errors early and minimise inaccurate payouts.
- Minimises the risk of fraudulent payouts.
Januar clients can greatly benefit from implementing payment approvals in their payment workflows. Payment approval is an important step involving authorisation from designated individuals within the organisation before payouts are made to counterparties.
One of the key benefits of payment approvals is that it ensures transparency, oversight, and control over payouts. With payment approval, clients can monitor and track all payment transactions, ensuring that funds are disbursed according to established policies and procedures. This level of transparency promotes trust and ensures compliance with regulatory requirements.
Payment approvals also promote accountability in the organisation from employees involved in the payout process. By requiring approvals, employees are held accountable for their actions, which can help prevent fraud, errors, and other forms of financial mismanagement.
Furthermore, payment approvals can help catch payout errors early and minimise inaccurate payouts. By having an additional layer of oversight, any discrepancies or errors in payment requests can be caught and corrected before funds are disbursed. This can save clients time and money in the long run.
Another important benefit of payment approvals is that it minimises the risk of fraudulent payouts. Fraudulent activities such as ghost vendors or fictitious invoices can be detected early on through the payment approval process, thereby reducing the risk of financial loss.
In conclusion, payment approval is a critical component of payment workflows that can provide Januar clients with better control over their payouts.
More to come
Januar's payment approval system lays the foundation for future enhancements that will introduce the ability to incorporate multiple approval criteria and user roles as part of the payout approval process. This will further streamline payment workflows and ensure compliance with established policies and procedures.
If you are interested in learning more about Januar Payment Approvals, please get in contact through our contact form on the website.
March 28, 2023