In release 6.2 we introduce a new workflow step for flagged accounts: depositary approval.

Depositary workflow on UI

Por payments initiated from an account flagged as investment account will have an extra workflow step: Depositary approval. This means that the depositary to that fund will have to approve these payments for them to be processed.

Depositary workflow

Appointed depositaries can access LYNKS and define the payment approval rules in accordance with the fund’s statutes. This will consequently impact the processing or rejection payments.

This extra step in the workflow fits the payment workflow the following way:

Those playing the role of depositaries will have their own space within LYNKS, where they only see those payments which reach the status of Depositary approval, as well as executed payments and transaction history, to support their cashflow monitoring duties.

Documents attached to payments submitted for depositary approval will be made available to the depositaries for their review.

Depositaries are able to reject payments or request changes to payments, which can then be re-submitted for their approval.

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To enable this workflow, please reach out to our Customer success team