Client has at long last (very long last) accepted that they need to use on-line banking. Thay have two signatures on all cheques (remember them?) and want dual authorisation of all payments. They also want the accountant to have access to transactions (including downloads) but not have the ability to authorise payments.
Their present bank says they can't do these. I am not telling you which bank because I suspect it might not be totally true.
Which bank should they talk to?
Replies (8)
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Try Lloyds. Their clubs and charities account allows this so it's worth asking if other types of account can. You set different levels of access - "delegates" are not necessarily signatories and you can restrict what they can do. If it's a charity then CAF Bank is brilliant, has the access you're after and and a much neater way of processing than Lloyds rather clunky efforts.
I know for a fact that Lloyds, RBS/NatWest and AIB all have such systems. I'd be surprised if any major bank offering business accounts didn't
Why not contact customer service at the client bank.
Raise a general enquiry, no name drill , your professional curiosity on services offered with respect to a niche aspect of banking process and security
Have a word with your own bank ( relationship manager?) to scope the questions and answers.
The possibilities are endless .
Multiple authority is definitely a good control procedure and ensures staff know the company boundaries, for the their own protection too.
Please kindly share the outcome of your enquiries with us at AW.
Last month when TSB customers were defrauded , during the IT system changes, I had a word with my own bank concerning fraud prevention .
I must say I was disappointed with the complacent attitude ... when my request to place a bar on certain transaction types and values was considered to be overcautious and not something the bank's IT could readily handle.
HSBCNet (which is their full service offering) has this - but then most of the customers who use it (like I do) are likely to require it anyway.
Mind you, it's not free.
Our firm banks with Barclays and we have dual authorisation for all payments. We also have read only access to some client's Barclays accounts. It all works nicely.
I think dual authorisation is an essential defence against scammers. Some clients of mine with HSBC got caught out by some malware that caused the screen to be hijacked when the client logged in allowing the scammers to help themselves. This would have been avoided with dual authorisation.