Digital Application Steps and Approval Workflow Levels

PDF Document Downloadable here.

Workflow Approval Levels define the sequence of actions and decision-making steps that a credit application or limit review workflow will go through. This clearly outlines who is responsible at each step and who has the authority to approve or decline the application.

These approval levels can be set up to align with your existing internal credit approval process.

Additionally, you will be able to see which step the application is currently in and who is assigned to action the next step.

Digital Application Workflow Steps

1. Initiation

Initiation is the workflow step where the user sends a new application or a limit review to a customer. Any user who has access to the platform can action this step.

2. Initial Risk Screening Step (Optional)

This is an optional workflow step that requires a user to review several risk checks on a new customer application.

A specific user needs to be allocated permission to action this workflow step.

• Risk Factors Checked:

  • Whether the customer has previously applied for credit with you and been declined.

  • If there are any active court notices or judgments against them.

  • Whether their business is valid and in good standing.

  • How long they have been in business.

• Functionality Options:

  • Always On: Every application automatically goes through the Initial Risk Screening and requires approval, even if no risk checks have been flagged.

  • Flagged Risk Checks: The check only runs when certain risk factors are flagged (e.g., if the business is less than 12 months old or doesn't meet a specific requirement).

  • Always Off: Application will not go through the Initial Risk Screening and will be sent directly to your customer to complete.
    
    

3. Complete Credit Questionnaire, Research Report and Limit Recommendation Analysis

Once the Initiator has completed the Initiation step, the application moves through the following steps:

a. Complete Credit Questionnaire – Completed by Customer

Your customer receives the digital credit application and is required to:

• Complete the credit questionnaire.

• Upload all necessary supporting documentation.

• Submit the application for review.

b. Research Report & Limit Recommendation

After the customer submits their application, it is sent to Trade Shield for further assessment.

• Our team will review the submitted information, conduct the necessary credit checks, and prepare a Limit Recommendation Report for you.
  
  

4. Apply for Insurance (Optional)

• This is an optional workflow step that requires a user to capture insurance details on an application.

• A specific user needs to be allocated permission to action this workflow step.
  
  

5. Approval Level 1–5

The application moves through your internal approval hierarchy, one level at a time.

• You may configure up to five levels, depending on your internal structure.

• Each approval level can have one or multiple users assigned.

• The assigned user must review the application and either approve or decline it based on the assessment and information provided.

• Crucial Rule: One user cannot be assigned to two consecutive approval levels, ensuring proper separation of duty.
  
  

6. Dispute of Terms and Conditions (Optional)

• This is an optional step configured when a customer does not agree with your Terms & Conditions and requests amendments.

• The application automatically routes to the team responsible for reviewing these requests.

• The User(s) in this team will review the customer’s proposed changes, discuss internally, and respond with an approved revision or a rejected amendment.
  
  

7. Data Capture

Once the application has completed the approval steps, the Data Capture step is used to create the customer in your internal ERP system.

• The assigned user will create the customer account in your ERP/Accounting system.

• They will then enter that account number into the platform to confirm that the customer has been successfully set up.

Fabric Workflow Configuration

You may download the Fabric Workflow Configuration Excel Sheet here.

How to Complete the Configuration Document

This template outlines the mandatory fields and decisions needed to set up both the Credit Application and Limit Review workflows. The green cells require input from you.