How to use multi-signature approval for payments

Multi-signature approval adds an extra layer of security to your outgoing payments by requiring two authorized team members to approve a payment before it can be sent.

This helps protect your business against unauthorized transactions and provides a clear approval trail for every payment.

Only the business Owner can enable or disable multi-signature approval for the company.

💡 Multi-signature approval is available on Smart and higher plans. Solo and Basic plans do not include this feature.

To approve payments, a team member must:

Employees and Assistants can still create payment requests if their permissions allow it, but they cannot approve payments themselves.

💡Only the owner can enable two-signature approval

To turn on multi-signature approval:

1. From the main dashboard, click your company name in the top right corner, then go to Settings.

2. Open Approval process.

3. Enable Two-signature approval.
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As soon as the feature is activated, all newly created outgoing payments will follow the two-signature approval process.

💡 Payments that were created before the feature was enabled are not affected and will continue to follow the approval rules that applied when they were created.

The payment flow varies slightly depending on the permissions of the person creating the transfer.

If you are an Owner or Manager with permission to approve transfers, you can create a payment and approve it at the same time.

After reviewing the payment details and confirming the transfer, your confirmation becomes the first required approval.

The payment will then wait for a second eligible approver before it can be processed. The payment details page will show how many of the two required approvals have been collected.

The second approver will need to open the payment and click on “Pay now”.

If you are creating a payment but do not have permission to approve transfers, you can submit the payment for review by selecting Send for approval.

The payment will then be shared with eligible approvers, who will receive a notification that a payment is waiting for their review.

At this stage, no approvals have been collected and the payment remains pending until eligible approvers review it.

When a payment requires your approval, you will receive a notification and can open the payment. Before approving a payment, you can review the transfer amount, recipient information, payment reference, and any attached documents.

To approve the payment:

1. Open the payment details.

2. Review the information carefully.

3. Select Approve.

4. Confirm the action in the Finom mobile app.

Once the first approval has been collected, the payment remains pending until the second approval is received.

After the second approval is completed, Finom automatically proceeds with payment processing.

Every payment includes a dedicated approval history that shows how the payment has moved through the approval process.

You can see:

This creates a complete audit trail and allows everyone involved to understand the current status of a payment at a glance.

The payment details page also shows how many approvals have already been collected and how many are still required before the payment can be sent.

Payments can still be edited while they are waiting for approval.

Because approvers must always review the latest version of a payment, any changes made after approvals have been collected will restart the approval process.

If a payment is edited:

This ensures that no payment can be changed after approval without being reviewed again.

If an eligible approver decides that a payment should not be processed, they can reject it directly from the payment details page.

A rejected payment is immediately moved to Declined status and is not processed.

The payment history records who rejected the payment and when the decision was made, providing full transparency for everyone involved in the approval process.

Multi-signature approval also applies to scheduled and recurring transfers.

These payments must receive the required approvals before they can be executed. Once all approvals have been collected, the payment will be processed according to its scheduled date and frequency.