Who can do this:
Coordinators and Co-Coordinators with permission to manage the transaction.
An account must be assigned to the applicable disbursement line before it can be used. Account assignment, receiver approval, and bank-account validation are separate statuses.
Allowing the receiver to provide and approve its own account is the preferred workflow.
Before you begin
Add the receiver to Disbursement of Funds.
Add an individual contact for the receiving organization.
Confirm the disbursement amount, purpose, funding source, and transaction method.
Be prepared to complete step-up authentication, such as a passkey, before viewing or entering sensitive bank information.
Let the receiver provide and approve an account
Open the closing or transaction.
Select the receiver in Disbursement of Funds.
Add an individual contact if one has not already been added.
Send the contact an invitation.
The receiver signs in and opens the assigned disbursement.
The receiver adds or selects a bank account and approves its use.
Monitor the receiver’s account-assignment and validation statuses.
This workflow allows the receiver to review and approve its own account information without sending bank instructions through email.
Assign an account on behalf of a receiver
Use this option only when the receiver cannot provide the account through Basefund.
Open the receiver’s participant record.
Select Assign On Behalf.
Complete step-up authentication when prompted.
Choose the approval model available for the disbursement:
The receiver logs in and approves this account: The account is queued for the receiver. It remains pending until the receiver signs in and approves it.
Assign directly, the receiver will not log in: The account is assigned to the disbursement immediately without receiver approval.
Select an existing account or choose Add New Account.
Review the account and beneficiary information before assigning it.
Direct assignment bypasses receiver approval, should be used only as a last resort, and causes a notice to appear on the transaction. It does not independently satisfy identity-verification or bank-account-validation requirements.
Add a standard bank account
Enter the bank information requested by Basefund. Depending on the selected transaction method, this may include:
Bank name
Account name
Routing number
Account number
Beneficiary name and address
Contact name and phone number
Review every field against the receiver’s official bank instructions before saving or assigning the account.
Add an investment or pool account
Select Investment/Pool Account when the receiving institution requires additional routing information for a sub-account, investment fund, or pool.
Enter any required OBI, Credit To, or description information exactly as provided by the receiving institution. Missing or incorrect information can delay or misdirect a disbursement.
Select a reusable account
The account selector may display previously added accounts, including the beneficiary, masked account information, validation status, transaction method, OBI information, and recent use.
Confirm that the account and beneficiary are correct before assigning the account to the current disbursement. A previously validated account may be reused while its validation remains valid.
Complete bank-account validation
If validation is required, Basefund sends a microdeposit of less than $1 to the account and provides instructions for confirming it.
The person with access to the receiving account must:
Find the microdeposit in the receiving account.
Note the exact amount.
Follow the email instructions or return to Basefund.
Enter the exact amount to complete validation.
Once confirmed, the account status changes to Validated.
Basefund may display an option to skip bank-account validation in an eligible workflow. Skipping validation bypasses a security control, and the affected disbursement does not qualify for Basefund transaction insurance. Use this option only under your organization’s approved procedures.
Understand account statuses
No account assigned: No bank account has been connected to the disbursement.
Awaiting receiver approval: An account has been queued but the receiver has not approved it.
Validation pending: The account is assigned, but bank-account validation is incomplete.
Validated: The required bank-account check has been completed.
Insurance eligibility
Both the required identity verification and bank-account validation must be complete for the disbursement to qualify for Basefund transaction insurance. Assignment or receiver approval alone is not sufficient.