Ramp Banking Approvals

Ramp Banking approvals allow you to manage money movement seamlessly, ensure oversight, and keep your finances secure. Here's why this matters:

• Enhanced and differentiated control: Ensure the right people handle specific financial actions to minimize risk of unauthorized transactions. You may want to establish distinct approval workflows for transferring or withdrawing funds from Ramp Checking Accounts—potentially requiring higher levels of oversight—compared to workflows for Banking transfers, Bill Pay approvals, or spend requests.
• Robust security: Protect your funds with multi-layered approval requirements. Have the ability to ensure that sensitive actions, such as transfers or withdrawals, are reviewed and authorized by senior personnel.

How to set up approvals?

Navigate to Banking tab, click the 3 dot icon on top right, click Approval policies. There are 2 types of approvals you can set up, one for Transfers, another for Automations.

Transfer Approvals are for setting conditions for deposits and/or withdrawals on a per transfer basis.

• Click “Advanced” to open up the approvals workflow builder, where you can configure complex and flexible approval chains via conditions and outcomes. Click “Add step” for a drop-down menu of the following options to begin configuring your approval chain:
  • Approval: specify a specific role type, group or individual to be added to the approval chain
  • Notify: specify a specific role type, group or individual to be notified about the money movement
  • Conditions: add conditions to check various transfer attributes (e.g. amount, destination amount, is first transfer from account, source account, transfer type) that assist in setting the correct conditions

Once a condition has been selected, you can select which options to check for (e.g. if the condition is source account, you would select the desired account). After you've selected your desired conditions and options, you'll be prompted to add your desired approvers. When adding approvers, you can select predetermined groups or specific individuals.

Separation of duties button can be toggled on if users should not approve their own deposits or withdrawals. Note: Only business owners can toggle this setting.

• When enabled: Transfer creators in the approval chain are replaced by admin approvers.
• When disabled: Transfer creators in the approval chain can approve their own bills.

Automation Approvals is for updating or changing the automation policy. Once the automation is setup and approved initially, it will trigger transfers that will run automatically without requiring any future approvals.

You may determine whether approvals are needed before an automation is set up and executed. Click here to configure your automation approval policy. The dropdown menu is identical to the one for Transfer approvals, with slightly different options under Conditions (e.g. amount, automation type, destination amount, is first automation from account, source account).

We recommend only including admins and owners users / user groups as required approvers since only admins and owners have access to Ramp Banking. Otherwise, if you added a user group with non-admins/owners, you would have to manually skip approvals for each transfer.