For bank mode payments, will there be any form of authorisation catered in the Contribute-As-You-Earn (CAYE) system to ensure that all payment instructions are verified?
There will not be any form of authorisation catered in the Contribute-As-You-Earn (CAYE) system as the Host-to-Host (H2H) file transfer between corporate service buyers and the appointed bank, OCBC, is a fully automated process. The payment file will need to be authorised and encrypted before transmission to OCBC. To fulfil your agency’s internal audit or compliance requirement, the authorisation needs to be completed before the file is transmitted to OCBC.
