Introduction

The Approvals Framework is a core component of the banking application and is designed to streamline transaction approvals while upholding rigorous security, compliance, and risk mitigation standards. The Approvals Framework includes all monetary and non-monetary transactions initiated within the banking application.

The following are the key objectives of the framework:

• Risk Management: This will help to implement a multi-layered approval system to identify and mitigate potential risks associated with different types of transactions.
• Efficiency: It provides a user-friendly and adaptable interface for defining approval workflows, improving operational efficiency, and reducing approval processing times.
• Traceability: It maintains a detailed, immutable, traceable trail of all approval activities to facilitate the review of applications.

This document is targeted towards non-monetary transactions. All the following examples will cover non-monetary transactions. Examples of transactions subject to the framework include:

• User Management: User Creation
• User Management: User Editing
• Approval Matrix: Modifying Rules
• Approval Matrix: Disabling Rules
• Signatory Groups: Creation of Signatory Groups
• Signatory Groups: Modifying Groups of Users

Schematics for the Data Flow for Approvals Framework 2.0