Financial platform Vault has launched a new transfer approvals feature designed to allow Canadian businesses to automate accounts payables (AP).

The new feature will offer business owners complete flexibility in managing their (AP) process, with improved control and visibility into payments.

Vault’s solution will also meet the challenge of managing bank transfers within a growing, multi-user organisation.

It will be done by providing owners the ability to set explicit limits on the funds their employees are authorised to transfer.

By leveraging transfer approvals, admins will be able to review and approve or reject transfers before they are processed to align spending to company policies.

Transfer approval rules will also bring a culture of trust and empowerment by granting employees autonomy within predetermined limits, said Vault.

All transfer above the threshold is reviewed, allowing the prevention of unauthorised transactions in violation of company spending policies.

Besides, the feature will help owners proactively manage expenses by aligning transfer limits to department or project budgets.

Vault co-founder Ahmed Shafik said: “Our customers’ success is our top priority, and Transfer Approvals is another feature created with the aim of giving our users all the tools and functionality to seamlessly manage their business, all in one place.

‚ÄúCustomer feedback drives our growth as we prioritise shaping our decisions based on their input and place their business needs at the forefront of product development.”

Earlier this year, Vault officially launched its all-in-one online financial platform for small-to-medium-sized businesses (SMBs) across Canada.