Vault's new feature automates accounts payable for Canadian businesses

Friday 24 November 2023 12:57 CET | News

Canada-based business banking provider Vault has launched its Transfer Approval feature to help business owners automate accounts payable (AP).


Vault has launched its Transfer Approval feature to help business owners automate accounts payable (AP).

Vault's Transfer Approval feature tackles the issue of overseeing bank transfers in a expanding, multi-user organisation. It enables business owners to establish specific limits on the funds that their employees are permitted to transfer. Through Transfer Approvals, administrators can review and either approve or reject transfers before they are executed, ensuring adherence to company policies and aligning expenditures.

Streamlining banking, compliance, and business planning through:

  • 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 unauthorised 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. Customised multi-level approvals offer flexibility to create workflows that accommodate unique business processes.

Equipping Canadian businesses with augmented financial tools

Within just 9 months of launch, Vault is supporting over 1,500 Canadian businesses. This release is the latest in a series of ongoing updates intended to provide essential financial tools and features that support the daily operations of Canadian businesses.

Vault’s officials prioritise customer success, emphasising the creation of features like Transfer Approvals to provide users with comprehensive tools for seamless business management in one place. The growth of Vault is driven by customer feedback, influencing decisions and placing their business needs at the forefront of product development.

What does Vault do?

Vault is transforming the financial landscape for Canadian businesses by providing them with a digital banking platform to manage their finances and save on high banking fees. By offering a range of financial products and services, including multi-currency accounts, global bank transfers, and high-yield investment options such as GICs, Vault enables business owners to manage their operations across borders more effectively.

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Keywords: accounts payable, digitalisation, banking, product launch, spend management
Categories: Banking & Fintech
Companies: Vault
Countries: Canada
This article is part of category

Banking & Fintech


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