Approved third party bank accounts

A suggested definition of an approved third party bank account would be an institution where proceeds of multiple investors will be paid over time e.g. another LISP or Manco.

Note the following:

• The Entity to be used for the approved third party bank account should already exist
• The Bank account on the entity should already be created, Verified and Active

Setup approved third party bank accounts

• Navigate to Banking -> Third party bank accounts
• A list of existing third party bank accounts will be shown
• To add an approved third party bank accounts select More Actions (3 dots) -> Add approved third party bank account

• Search the Surname or Company name

• Select the entity

• Select the Account Number to be used as the approved third party bank account

• The approved third party bank account will now reflect in the list

Selecting approved third party bank account on an instruction

• On an instruction we have the option Select own or approved third party bank account
• When selecting approved third party a list of the Approved third party bank accounts will be available to select the required bank account

Last Updated on 3 years ago by Tinus Burger