How do funds flow between bank accounts with Procore Pay?
Answer
Only a Payments Admin or a Payments Disburser can Create Disbursements in Procore Pay. Once authorized, a disbursement initiates these actions:
- A funding request is sent from the deposit account to initiate a drawdown of disbursement funds from the payor's funding account.
- The financial institution executes the drawdown from the payor's funding account into the payor's deposit account.
- The deposit account executes the payment orders in the disbursement.
- The individual payments in the disbursement are sent to the payee's bank accounts (a.k.a., the beneficiary accounts).