The "4 Eyes Approval" feature enhances the security of your payment processes by requiring the approval of at least 1 other person before any outgoing transaction can be finalized. This helps prevent fraud and ensures that each payment is deliberate and authorized. This feature is available for Workspace Owners to activate and use within the Merchant Portal.

 

How to Enable the "4 Eyes Approval" Feature

 

1. Accessing the Settings:

• Log in to your Merchant Portal.
• Navigate to the "Approvals" option located in the side navigation panel.

 

 

2. Activating the Feature:

• Click "Enable and Edit preferences"
• This will bring up the list of payment types and rules that you can enable approval flows for:
  • Fiat 1st Party withdrawals (withdrawing funds to your own account)
  • Fiat 3rd party payments (paying partners/suppliers)
  • Crypto withdrawals (crypto payments/transfers to either your own accounts or partners/customers)
• select the different checkboxes to enable Approvals for the different payment type

3. Setting Rules

Please note --> The values will be set in the base currency of your account. If payments are done in other currencies we will use the market rate at the time of processing your transaction to send the payment to the approval queue.  

Once you have chosen the payment types you require approvals for, you can select different rules to be satisfied and prevent unauthorised transactions from going out

The rules will only be able to be saved once you satisfy the logic. 

• your payment amount have to be in specific ranges
• you can set between 0 to 9 approvers
• The amount is in the base currency of your account

 

3. Editing your preferences

To edit your preferences, select "Edit approval preference" and the pop up will be displayed again.

 

 

 

Adding Approvers

To ensure that your payment approval process is robust, you can add additional approvers who can authorise transactions. You can manage apporovers through the following ways:

 

1. Directly from the approvals section

• Navigate to the "Approvals" section in the side navigation panel
• Select "Manage Approvers" to add or remove approvers

2. via Settings --> Team Members

• Go to "Settings" and then click on "Team Members"
• Here, you can set which team members are designated as approvers by updating their role permissions

Using the 4 Eyes Approval Feature

 

Initiating Transactions

Who Can Initiate: 

As per the BVNK Merchant Portal permissions, Only Workspace Owners, Admins, and Collaborators are authorized to initiate outgoing transactions. This includes 1st party and 3rd party fiat payments, as well as crypto withdrawals and payments.

 

Once a payment has been initiated it will be sent for approval and once approved will continue to process as normal.

 

 

Approving Transactions

Approval Requirement: 

Once a transaction is initiated, it will not be processed until it receives the necessary approvals. The transaction will remain in the Pending tab of the Approvals section

 

 

Who Can Approve: 

Workspace Owners are automatically set as approvers. Additionally, any user designated as an approver can approve transactions. 

 

Self-Approval Restriction: 

The initiator of a payment cannot approve their own transaction. However, they can reject a transaction if an error is discovered. Users will be warned if they try to approve transactions initiated by themselves

Managing Pending Transactions

Notification Badge: 

Approvers will see a notification badge in the approvals section of the Merchant Portal, indicating the number of payments awaiting approval.

 

Payment Details:

The details of the payment and who the beneficiary are can be found by clicking on the row of the transaction. This will bring up a side panel with the relevant information and the status the payment is in.

 

 

Approval Actions: 

Approvers can choose to approve transactions individually or in bulk, depending on their preference and the number of transactions pending. Additionally, approvers have the ability to reject payments if necessary. When approving payments user will be asked to authenticate via 2FA

 

 

Rejecting Transactions: 

Only users with the “Approver” role can reject payments. Users who initiated the payment can reject their own payment should they realise they have made a mistake.

When rejecting payments you have the option to add a “Reason” to give more colour as to why the payment was rejected. These rejection reasons will be visible in the “Rejected” tab of the Approvals section

 

 

Transaction Expiry: 

Payments pending approval will automatically expire after 7 days if not approved, with funds returning to the original wallet.

 

Payment Status Descriptions

 

Transaction Outcomes

On Approval:

Approved transactions will continue to be processed as usual. You can see the transactions that have been approved in the “Approved” tab of the Approvals section

 

On Rejection: 

If a transaction is rejected or expires, the funds will be returned to the original wallet. You can view transactions that have been rejected or expired in the respective tabs in the Approvals section.

 

Pending Funds on Hold:

While awaiting approval, the funds related to the transaction will be put on hold to prevent double spending.

 

 

 

FAQ Section

 

Q1: What is the purpose of the 4 Eyes Approval feature?

A1: The 4 Eyes Approval feature is designed to increase security by requiring two individuals to approve each outgoing transaction, preventing unauthorized or fraudulent payments.

 

Q2: Can I choose additional approvers for my workspace?

A2: Yes, Workspace Owners can designate other users as approvers. However, the initiator of a transaction cannot approve their own transaction.

 

Q3: What happens if a transaction is not approved within 7 days?

A3: Transactions that are not approved within 7 days will expire, and the funds will be automatically returned to the original wallet.

 

Q4: How are funds handled during the approval process?

A4: Funds related to a pending transaction are placed on hold to prevent double spending until the transaction is either approved or rejected.

 

Q5: Can I see which transactions are pending approval?

A5: Yes, approvers will receive notifications and can view all transactions pending approval in the "Approvals" section of the Merchant Portal.

 

Q6: What should I do if I accidentally initiate a wrong transaction?

A6: If you realize a mistake in a transaction you initiated, you can reject it yourself before it gets approved by another approver.