Centralized approval workflows for large transactions

Purpose

1.1. Centralizes, standardizes, and automates multi-level approvals for high-value transactions to ensure regulatory compliance, minimize fraud risk, and enable seamless audit trails.
1.2. Enables automated documentation, tracking, notifications, and escalations for professional banking services in central banks, automating cross-departmental transaction validation, authorization, and reporting.

Trigger Conditions

2.1. Automatedly triggered by transaction value thresholds exceeding pre-configured limits.
2.2. Automate upon detection of unusual patterns flagged by fraud/AML engines.
2.3. Automated initiation from ERP, core banking systems, or SWIFT message receipt.
2.4. Automating submission for approval when bulk payment runs exceed daily limits.
2.5. Automatedly triggered via detected data quality or documentation compliance gaps.

Platform Variants

3.1. Microsoft Power Automate
• Feature/Setting: Use “Start and wait for an approval” action; configure with required levels, conditional routing, and automated notifications.
3.2. SAP Business Workflow
• Feature/Setting: Activate flexible workflow for large-value document approval; define multi-step rules and automatedly send escalations.
3.3. Salesforce Flow
• Feature/Setting: Automate approval process assigning tasks, notifications, automated escalations, and field updates.
3.4. ServiceNow Flow Designer
• Feature/Setting: Automate approval sequence using “Flow” for transaction records; set automated triggers from external transaction feeds.
3.5. Oracle Integration Cloud
• Feature/Setting: Approval workflow with embedded business rule engine, automating notifications and audit logs.
3.6. DocuSign eSignature API
• Feature/Setting: Automatedly send transaction documents for digital approval and collect timestamps.
3.7. Slack Workflow Builder
• Feature/Setting: Automate the approval request with Slackbot, routed to designated financial controllers based on approval level.
3.8. Jira Service Management
• Feature/Setting: Automate workflow transitions, custom approval gates, and multi-level automations for large transactions.
3.9. Freshservice Orchestration
• Feature/Setting: Automatedly assign and escalate approvals through orchestrated workflows for flagged transaction items.
3.10. Google Workspace Apps Script
• Feature/Setting: Automate email-driven approval chains, with data sourced from Google Sheets or attached PDF documentation.
3.11. IBM Business Automation Workflow
• Feature/Setting: Drag-and-drop, automate complex approval circuits, integrate with banking backends, assign approver hierarchies.
3.12. Workato
• Feature/Setting: Automate multi-app approval handoffs, trigger on banking system events and route to compliance leads.
3.13. Nintex Workflow Cloud
• Feature/Setting: Build automated, conditional approval paths, trigger on transaction forms, automate notifications.
3.14. Pega Platform Cases
• Feature/Setting: Use automated Case Management APIs for structured review cycles, SLA tracking, and audit logging.
3.15. Zendesk Approvals
• Feature/Setting: Automate approval requests and status tracking for payments via custom ticket fields and triggers.
3.16. Box Relay
• Feature/Setting: Automated document workflow for transaction forms, enforce sequential multi-person approval.
3.17. AWS Step Functions
• Feature/Setting: Automate stateful approval flows with Lambda triggers for approval/rejection, storing logs to S3.
3.18. Trello Automation
• Feature/Setting: Automate card handoffs between columns for each approval stage; trigger notifications and due dates.
3.19. Monday.com Automations
• Feature/Setting: Automate approval items advancing via custom status columns, auto-reminders, and approval assignments.
3.20. Adobe Sign API
• Feature/Setting: Automate secure digital signing steps in transaction approvals, enforce sequence, capture timestamps.
3.21. Appian RPA
• Feature/Setting: Robotic automator for high-risk transaction review, automate allocation and escalations to human reviewers.
3.22. Asana Rules
• Feature/Setting: Automate task assignment/approval on high-value payment boards, custom notifications, and escalations.

Benefits

4.1. Automates compliance and documentation, reducing manual workload and audit risk.
4.2. Automatedly accelerates transaction approvals with minimal delays, increasing operational efficiency.
4.3. Minimizes errors and potential fraud by automatedly standardizing review and approval steps.
4.4. Improves traceability and transparency by automating logs and digital signatures at every approval level.
4.5. Empowers regulators and controllers by automating escalations for overdue approvals and SLA breaches.
4.6. Facilitates seamless integration across internal, cloud, and third-party services for end-to-end automation.