ApprovalMax Pay Wallets allow you to manage virtual accounts in multiple currencies, set up local and international payment options, and streamline your accounts payable processes directly within ApprovalMax.
Please note: This feature is currently in beta for Xero-connected Organisations based in the UK. To enable it for your Organisation, please contact us.
This is how you set up your Wallet
Once the feature is enabled, follow these steps:
In the main menu, under ApprovalMax Pay, click on Wallets.
Click on +START ONBOARDING to begin the onboarding process to activate your Wallet:
Step 1: Company information
Enter your company name, legal and registration details, address and industry sector. Upload proof of business activity (e.g. a website or service description).
Step 2: Wallet usage
Provide details on how you plan to use your Wallet, including transaction volume, estimated monthly spend, and which countries and currencies you intend to transact with.
Step 3: Persons
Important: All Directors and Business Owners with 10% or more ownership are legally required to participate in the KYB process and must be added here.
Step 3a. Add Personas
Click on + ADD PERSON and enter the details of each Director and Business Owner. You must add at least one Director. Each person you add will later need to complete a short verification form.
Step 3b. Wallet Owner Nomination
The Wallet Owner is the person who will have initial access and full control of the ApprovalMax Wallets once KYB is approved.
This is a critical role as:
They become the primary authorised user responsible for managing and accessing the Wallets.
They must complete additional identity verification steps.
Their verification must be fully completed before the organisation can finish onboarding and start using the ApprovalMax Wallets.
Only someone who holds a Director role can be nominated as the Wallet Owner.
A person who is only a Business Owner cannot be selected. ApprovalMax reflects this automatically: Business Owners without a Director role will have the nomination option disabled
Once you have selected a Wallet Owner, click on Next:
Step 3c. Data Verification
For each Director and Business Owner you added, you’ll now need to complete their verification data. This form collects basic identity information and, for Business Owners, requires a colour photo of a government-issued ID (for example: passport, national ID card, driver’s licence).
This is done by clicking on Fill form next to each person:
This opens the verification form. If you have the required information, you can complete the forms yourself without involving the other person. If you don’t have their information, click Send invitation. This sends them a secure link, allowing them to enter the data themselves.
Fill in the required information and, if applicable, click on Next to continue to Step 2 of 2:
In Step 2 of 2, select a document type and upload the required ID document. Finish by clicking Submit:
Please note: Each Business Owner will always have these two steps.
Each Director who is not the Wallet Owner will only have to complete step one.
The Wallet Owner follows the same overall sequence, but with one additional step:
They must upload a selfie with their chosen ID document as part of the verification process.
If the Wallet Owner is the user currently completing Wallet onboarding, they can do this directly in the flow.
If the Wallet Owner is someone else, the selfie step will be completed via a link sent to their email.
Here is a quick overview to make things clearer:
Role | Purpose in KYB | What they must provide | How verification can be completed |
Organisation Administrator | Starts the onboarding and submits the KYB application. | No personal verification required. Unless the Organisation Administrator is also listed as a Director or Business Owner. | N/A |
Director (not Wallet Owner) | Must be listed due to regulatory requirements. | Personal verification form. | Filled in by the current user or via an emailed verification link (available in both Step 1 and Step 2). |
Business Owner (10%+) | Must be listed if they own or control 10%+ of the organisation. | Verification form + colour scan/photo of government-issued ID. | Filled in by the Organisation Administrator or via emailed verification link. |
Director / Business Owner | Holds both roles and must meet both sets of requirements. | Verification form + ID upload | Filled in by the Organisation Administrator or via emailed verification link. |
Wallet Owner | Gains initial access and full control of the Wallets after KYB approval. Must be a Director (or Director/Business Owner). | Verification form + ID upload + selfie with their chosen document. | If the Wallet Owner is the Organisation Administrator, they complete everything within the onboarding flow ApprovalMax. If not, they receive a secure email link. |
When every person’s verification form is marked as Ready, click Next to proceed to Step 4:
Step 4: Company documents
To verify your organisation and the source of your business funds, upload the required onboarding documents.
These must include:
Company structure (mandatory)
Proof of source of funds (mandatory)
You can also upload any additional onboarding documents that may help speed up the review.
Drag and drop your files into the relevant section or click Upload files. Once all required documents have been added, select Next to continue:
Please note: For more details on what’s accepted, expand the Why upload other onboarding documents? section. section.
Step 5: Submit
Review the summary and click SUBMIT to confirm the submission:
Please note: You'll need to wait until the user data verification is complete to submit your application. The KYB process typically takes 1–3 business days, depending on your business type.
Once approved, your Wallet will be ready to use for managing funds and making payments in your chosen currencies: