Use of accounts with two parties having dispositional authority in Electra

13/06/2014 printable version

Offering a means to manage accounts over which two parties have dispositional authority, Electra provides banks with a simple and efficient tool to extend their control over certain accounts of their customers. These are usually project accounts used for launching transactions which must be approved by the bank first.

The Electra authorisation system allows account-level specification of which users of the customer have dispositional authority over which accounts.

There are, however, situations where payment transactions initiated by a customer need to be approved by a bank employee having the appropriate user rights. Typically, these are project accounts which can only be used to initiate payments related to a given project. For this reason, the bank must supervise the transactions launched by the customer, and only those transactions can be executed that the bank has authorised. Electra account management, where two parties may dispose over a single account, allows this.

These special accounts are managed in a transparent way from the customers' point of view. Customers can register, import, sign and submit their orders the usual way. They can also query the status of their transactions.

Management of the accounts with two parties having dispositional authority over it starts after the package is sent in. Following signature and access rights verification, Electra checks whether the account to be debited is an account over which two parties have dispositional authority. If it is not, Electra will forward the transaction to the bank's back-end system.

However, if the transaction is initiated from an account over which two parties have dispositional authority, Electra will stop the transaction and notify the affected administrator of receiving a new transaction to be authorised.

Electra provides a web interface for the authorisation. When the administrator with the appropriate rights logs into the authorisation interface and the system displays the details of the transactions launched from the project accounts assigned to him. The administrator can view the packages pending authorisation and choose one out of two options:

  • he may reject them, in which case he can also enter a reason for the rejection, or
  • he may authorise them, in which case Electra will forward the package to the account management system, which will start to execute it.

The customer can learn of this decision by checking the package status.

Electra also allows primary and secondary authorisation.

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