One of your ideas has been delivered from your suggestion.Parallel Approval Workflows for Bank Account Transfers and Ad Hoc Payments

Streamline the approval workflow for bank account transfers and ad hoc payments with support for parallel approvals and document attachments. This enhanced capability allows multiple approvers to review transactions simultaneously while ensuring all necessary documentation is included and accessible within the workflow. The solution eliminates reliance on external systems, reduces customizations, and centralizes financial transactions for greater efficiency, compliance, and control.

Business benefits inlude:

  • Reduced Processing Time - Approvals can run simultaneously, shortening overall turnaround time and enabling faster payment execution.
  • Improved Operational Efficiency - Eliminates bottlenecks caused by sequential dependencies, resulting in smoother and more streamlined workflows.
  • Enhanced Cash Flow Management - Faster approvals support timely fund movements and payments, improving liquidity planning and financial responsiveness.
  • Better User and Stakeholder Experience - Approvers no longer wait for others to complete their review, improving satisfaction and minimizing delays.
  • Scalability for High-Volume Transactions - Parallel approvals allow organizations to handle larger transaction volumes without compromising control or speed.

Steps to Enable and Configure

You don't need to do anything to enable this feature.

Tips And Considerations

You can set up a parallel approval workflow that requires a group of approvers to review and approve the process. This configuration is managed through Oracle Business Process Manager (BPM).

  1. To set up parallel approvers in a BPM task, open the task configuration in the BPM Worklist and select the BankAcctTransferRequestForAction task.
  2. In the Assignees tab, add a new participant and choose Parallel as the assignment type. This allows you to define a group of approvers or use rule-based assignments, including optional voting percentage rules to determine the final approval outcome.

Key Resources

  • Set Up Parallel Approvals topic on the Oracle Help Center.
  • Based on Idea 577650 from the Payables, Payments & Cash Management Idea Lab on Oracle Cloud Customer Connect.

Access Requirements

No new access requirements.