Payment Assistant Onboarding and Setup Questions

This is a required step in the banking industry. It helps verify the authenticity of your organization.

We are saving you time and effort by writing checks to vendors for you, so some processes may require adjustments. For example, if you require validation on who signs the checks to vendors, you may want to make that person who validates a payment run approver.

Before signing up for Payment Assistant, we recommend you discuss the workflow with your auditor or other key financial people at your organization. We currently provide a single-tier approval process that is permission controlled within Financial Edge NXT. We have separate permissions for who can create payment runs and who can approve them. In the future, we're working to support a multi-tier approval process.

Offline processes can still be used for more visibility, like having multiple signers on a pre-payment report.

This is the one individual with significant responsibility for managing the customer, such as an executive officer or senior manager (e.g., Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, Treasurer); or any other individual who regularly performs similar functions. This information must be provided even if no beneficial owners are listed.

No, not at this time. As we build Payment Assistant, we will take into consideration important functionality that you need for this offering.

Yes, you can. While it's not difficult, it does require you to go through onboarding again to use the new account. It may take some time to do so, so we recommend you carefully consider which bank account you want to use. And, if you need to change accounts, consider the best time for your organization to make that change.