Dual Approval Workflow Guide for International Payments
Configure two-signer authorization for every payment run — with thresholds, backup approvers, and full audit trails.
Explore the Bitwage Balance pre-funded treasuryDual approval is a financial control requirement for most companies sending international payments. The principle is simple: no single person should be able to both initiate and approve a payment. This prevents both fraudulent transfers and accidental errors from executing without a second review.
In Bitwage, dual approval is configured per organization with granular threshold settings. You can require single approval for payments under $5,000, dual approval for $5,000–$50,000, and CFO sign-off for anything above $50,000 — all enforced automatically. Approvers receive notifications via email and mobile app; they can approve from anywhere.
The audit trail for dual approval is comprehensive: who initiated the run, when each approver reviewed it, the FX rates visible at approval time, and the final execution timestamp. This gives finance teams, auditors, and compliance functions a complete record for every payment — regardless of amount or destination country.
What Bitwage Handles
- Contractor KYC and compliance verification
- W-8BEN and W-9 collection through self-service onboarding
- OFAC sanctions screening on every payment
- FX rate lock at payment approval
- Local rail routing and settlement tracking
Related Country Guides
Frequently Asked Questions
You can designate backup approvers for each approval tier. If a primary approver is out, the backup receives the approval request automatically. Payments never execute without the required number of approvals — this is enforced at the system level.
Yes. You can configure separate thresholds for contractor payroll vs vendor payments, or by destination country. The dual approval workflow configuration is fully customizable per your internal controls policy.
Yes. Approvers can review and approve payment runs from the Bitwage mobile app. They see the full payment details — recipients, amounts, FX rate lock rates, and compliance status — before approving.
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