Approve a Beneficiary Bank Account as a Payor

After your beneficiary company adds a bank account, a Payments Admin or Payments Beneficiary Approver must approve it. Approving a beneficiary account provides payees with the ability to receive payments to the correct account.

• Required User Permissions

• Additional Information:

  • Payors receive an email notification when beneficiary accounts are awaiting review and approval. For details about the email and recipients, see When does Procore Pay send email notifications?

  • A beneficiary's bank account only needs to be approved once to make payments to it.

  • If the beneficiary company changes its bank account, you will need to approve the new bank account information.

  • You can only approve beneficiary bank accounts or leave them in a 'Needs Review' status. You cannot reject a bank account.

  • You cannot currently change the status of an approved bank account.

  • Bank accounts that need review will show first in the list order.

• The payee must complete the steps in Add a Bank Account as a Payee.

1. Locate the beneficiary and click the Beneficiary Name link.

2. Review the information across the following sections for accuracy:

   • Business Identity Information: Review the side-by-side comparison matrix containing the details from the Directory Record (managed by your company), the Company Profile (managed by the beneficiary), and the Bank Account application details (inputted by the beneficiary).
     

      Note

     What if the information in the Directory Record and Company Record are different? If the information submitted by the beneficiary is different from the information in the Directory tool, Procore recommends contacting the beneficiary to determine if your Procore Administrator needs to make an address change in their company record. To learn more, see Edit a Company in the Company Directory.

   • Bank Account Review: Verify the Bank Name, masked Bank Routing Number, and Bank Account Number where all future payments will be routed.

   • Network Signals: Review historical transactional volume data across the Procore network, including Total Payments and Total Payors from any company that has paid this bank account over the last 30–180 days.

   • Account Onboarding Activity: View who added the account, the creation date, and the Procore Screening verification process—showing whether the account was automatically verified as active and linked to the payee, or required manual documentation review.

   • Payment and Commitment Summary: Review your company's specific financial overview with this beneficiary, including the total amount you have paid them to date, your total active commitment amount, and your number of active commitments.

3. If the information is correct, click Verify and Approve.

• Create Disbursements