Our withdrawal approval system is designed for corporate users with multi-user accounts (see "How can I add multiple users to a corporate account?") seeking enhanced internal controls and security. By implementing an approval system, also known as the 4-eyes principle, organizations can ensure that fiat and crypto withdrawals are reviewed and authorized by at least two people before execution. This helps prevent errors, fraud, and other types of malicious activity that can harm a company's finances, reputation and operations.

What is the purpose of the withdrawal approval system?

The withdrawal approval system aims to increase the security of corporate clients' managed accounts by requiring multiple approvals for fiat withdrawals (SEPA, International wire, Domestic US, Blinc etc.) and cryptocurrency assets above the configured limits.

How does the approval system work?

When a user attempts to withdraw fiat or crypto assets above the set limits (rolling 24-hour and 30-day limits), the system requires approval from a designated number of approvers before executing the withdrawal. Approvers can be split into two levels, with each level having a separate number of required approvals.

What actions require approval in the system?

Manually entered fiat (SEPA, International wire, Domestic US, Blinc etc.) and cryptocurrency withdrawals require approval. Withdrawals are subject to approval only when the aggregated number of withdrawals exceeds the set limits (rolling 24-hour and 30-day) once the submitted withdrawal is added. Withdrawals requested via API are not part of the approval system and do not and cannot require approvals, but they do count towards the rolling 24-hour and 30-day limits above which approvals are needed.

How can clients enable the withdrawal approval system?

To enable the withdrawal approval system, clients must contact our support agents. Our agents will activate the system for their account and help set the withdrawal limits and the number of required approvals on each level. Clients can discuss their desired limits and approval requirements with the agents to tailor the system to their organization's specific needs.

Who are the approvers?

Approvers are corporate account login users who have specific user roles assigned by our agents, "Withdrawals Approver Lvl1" or "Withdrawals Approver Lvl2". These roles can be assigned to one or multiple login users in addition to their existing functional roles by our agents.

How do approvers approve the withdrawal?

All approvers receive an email prompting them to approve the withdrawal when such a withdrawal is requested. The email contains withdrawal information and a link to the Withdrawals overview page on the Qovex website.

Can only one level of approvers be used?

Yes, it is possible to use only one level of approvers. To do this, simply set the required number of approvals on the second level to zero. This will ensure that only the first level of approvers is necessary for authorizing withdrawals.

Is it possible to require approvals for all fiat and/or crypto withdrawals?

Yes, it is possible. In this case, the limits for the selected asset type should be set to 0.00 USD, and approvals will automatically be required for all withdrawals.

How are limits calculated?

The system calculates the sum of all executed and pending withdrawals in USD value over the last 24 hours and 30 days.

Can limits be changed?

Withdrawal limits can be changed by Qovex agents upon client request.

Can withdrawals be sent for execution without approvals?

If withdrawal amounts in the last 24 hours and 30 days do not exceed the limits for approvals, then approvals are not needed. Once limits are exceeded, withdrawals will only be executed after obtaining the required number of approvals.

What happens if a withdrawal is not approved within the set time period?

If a withdrawal is not approved within the set 24-hour time period, it is automatically rejected, and all approvers and the submitter will receive an email notification.

Who receives email notifications in the system?

Withdrawal approval and rejection notifications are sent to all Withdrawals Approver users. If using Level 2 approvers, emails are sent to them only after all Level 1 approvals have been collected.

Can withdrawals be canceled after they have been submitted for approval?

Withdrawals can be canceled by the submitter at any time before they are approved by the required number of approvers on each level. Additionally, all approvers can reject the withdrawal, and the withdrawal will be canceled and not executed.

Are there any additional fees associated with using the withdrawal approval system?

The withdrawal approval system is an additional security feature for corporate accounts, provided at no extra cost. However, standard transaction fees still apply for approved withdrawals.