One of your ideas has been delivered from your suggestion.Employee Bank Account Ownership Verification Workflow

Generate employee bank account approval notifications during employee bank account creation or bank account updates. Business enterprises have policies that require approval of bank accounts by employees, users, or user groups whenever the employee bank accounts are created or updated. Employees attach the signed copies of the application, a canceled check or acknowledgment shared by banks as a supporting document. The payroll administrator reviews the attachments, verifies the correctness of the bank account and the ownership, and approves the new or updated bank accounts.

Employee bank account approval ensures legislative compliance, aids in fraud detection, and allows enterprises to have effective internal controls for payroll processing. The approval process ensures the correctness of the account number and the ownership and acts as a reliable safeguard for payroll processing.

Steps to Enable

Use the Opt In UI to enable this feature. For instructions, refer to the Optional Uptake of New Features section of this document.

Offering: Financials

To enable this feature, you need to log a Service Request (SR).

  • Configuring employee bank account approval rules - The approval rules configured in the simplified rule creation template have to be downloaded and uploaded for completing the configuration. Download the ExternalBankAccountApprovalRulesTemplate and upload it to activate the seeded approval rule. Review to the Create Workflow Rules documentation for more details.
  • The feature is controlled through FSM opt-in. Review the Optional Uptake of New Features (Opt In) documentation for more details.

Tips And Considerations

  • HCM only customers - Attach the IBY_MANAGE_BANK_ACCOUNT_APPROVALS_PRIV to the HCM duty role to access the bank account approval configuration. The seeded configuration can be accessed in ERP through the task – Manage User-Defined Rules for Employee Bank Account Approvals.
  • HDL loader scenario - The employee bank account approvals will be triggered for bank accounts created or updated by self-service or admin user through UI/REST. If you are opting to use the bank account approvals, then the bank accounts must not be created or updated through the HDL loader process.
  • Joint account owners
    • If the same bank account is shared by two or more account holders, the approvals will be triggered to both the primary and the joint account owner during the creation and update of the joint account. The account has to be approved by both primary and the joint owner to enable the joint account for payroll processing.
    • If the joint account is created simultaneously while the primary account holder's accounts is undergoing approval, then the account need to be created again for the initiating the approval for the joint account. The secondary account owner can reach out to the admin to unblock the account creation. 
    • If there is an unwarranted scenario where the primary account holder's account is in approval status, but the account isn't approved, the admin user can terminate the approval process for the primary account holder to accommodate the account creation and approvals of the account holder with the same account details using the transaction console.

Key Resources