Redwood Experience for Personal Payment Methods: Approve Bank Accounts

You can now generate employee bank account approval notifications for employee bank account creations or bank account updates. Opt-in to this feature and designate the users or user groups to approve the bank account changes to start the approval notifications. For example, an approval notification can be sent to an employee whenever there's a change to their bank account details. This includes changes made by the employee or by other users, such as a HR administrator. The approval notification lets the employee know what changes are made to their bank account, allows them to verify the changes are accurate, and approve the changes. Once the employee approves the information, the bank accounts are created or updated.

Using the Personal Payment Method page, the employee can attach the supporting documents. For example, you may have a process where the employee must submit a certificate that serves as proof of bank account ownership, to your payroll administrator before the employee's bank account is created or updated. Once the information on the documentation is verified to be correct and the bank account is approved, the bank account is created or updated to be used in payroll processes.

The Redwood personal payment method page now allows you to:
•       Track the approval status of the bank account and its usability in personal payment method for payments
•        Attach supporting documents to support authentication of bank account ownership and be viewed for future verification.

Redwood experience for personal payment methods to approve bank accounts adds one more tracking, control, and safeguards for accurate 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

The bank account approval is being delivered by the Financials team. The set-up steps to enable the feature can be found in the Financials documentation. Refer the documentation for the feature Employee Bank Account Ownership Verification Workflow under Oracle Fusion Cloud Financials > Treasury and Payments on Oracle Help Center.

Tips And Considerations

The bank account approval feature supports both bank account creations and updates that are entered for an employee on the Personal Payment Method page. If you have enabled the PPM_ALERT, the  alert template automatically sends personalized email FYI notifications to employees. When you also opt-in to this bank account approval notification feature, users may receive multiple notifications when both payment method information and bank account information are created or updated.

In the current 25B release, approvals aren't available when loading bank accounts using data loaders. If you intend to uptake bank account approvals, you shouldn't use data loaders to upload bank accounts.

Key Resources

For more additional information, please refer to the following on Oracle Help Center:

• Implementing Oracle Global Payroll guide under Oracle Human Resources cloud on Oracle Help Center.
• Documents mentioned in the feature Employee Bank Account Ownership Verification Workflow under Oracle Fusion Cloud Financials > Treasury and Payments on Oracle Help Center.

Access Requirements

The new privilege  IBY_MANAGE_BANK_ACCOUNT_APPROVALS_PRIV needs to be provisioned to the user credentials that will be used to configure approval rules using the task Manage User-Defined Rules for Employee Bank Account Approvals.