How do transaction limits work in Online Banking for Business? 

Transaction limits serve as safeguards against unexpectedly large outgoing payments.  

Primary Customer Administrators (PCAs) and Admins can set different limits for each payment service. How to set transaction limits for users

There are two types of transaction limits:  

• Entry limits stop payment creators from entering payments that are above the set limits.  
• Approval limits stop approvers from approving payments that are above the set limits.  

They can be used to limit the daily amount a user can send or approve. They can also be dependent upon whether the payment format is freeform or from a template. 

Example 

Let’s say that a payment creator has a daily entry limit of $70,000, while a payment approver at the same company only has a daily approval limit of $50,000.  

The payment creator will be able to create 2 payments in the same day in the amounts of $35,000 each, but the approver will not be able to approve the second payment, because it exceeds their daily approval limit. 

In this case, a different approver would be needed to release the second payment.