This article delves into the three key roles within the approval workflow of a financial technology platform: Drafters, Approvers, and Releasers. Understanding these roles is essential for maintaining control and transparency in financial operations.
Table of Contents
Drafters
Drafters is a set of users who can create or draft transactions in Jack portal or app depending on which modules they are assigned as Drafter. Without being selected as a Drafter, a user will not be able to see that module option on the Create button. For example, if a user has been designated as a Drafter in the Send Money module, then that user will be able to see both International Transfer and Local Transfer as an option in their Create button.
They have the ability to save draft transactions for future submission and modification. Any transactions that they create, will need approval from the Approver of that particular module. Drafters can track the progress of their submitted transactions and receive notifications upon approval or rejection. There will be some differences between modules regarding what a Drafter is. To know more, you can read this article.
Approvers
Approvers are responsible for reviewing and authorizing or rejecting transactions within the approval workflow. You can set different Approvers for each module and each case. They play a crucial role in ensuring compliance, accuracy and proper authorization of financial transactions according to your company transaction policies.
Upon approval, an Approver will be able to access transaction details, including the request itself, supporting document, amount of transaction and any description or comment provided by the Drafter. They will have the authority to approve or reject transactions based on established criteria, policies and their own judgment.
Releasers
Releasers are a special type of Approver who possess the authority to release funds for approved transactions, enabling the completion of the financial transaction. On the approval steps, Releasers are the last Approver and serve as the final checkpoint in the approval workflow, completing the approval process and ensuring the release of funds is authorized.
Only users with Admin and Business Owner roles can be assigned as Releasers. This is to make sure that the Releasers indeed have the authority and permission to release company funds. Upon approval, Releasers will be provided with the same details as a normal Approver. Before approving, please make sure that all transaction details are correct, comply with the company policy and confirm the availability of funds for the said transaction.
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