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Multi Signature Payments
Multi Signature Payments

Multi-Signature Explained: Sharing Control and Enhancing Security

Frank avatar
Written by Frank
Updated over a week ago

Aerapass provides additional security that requires multiple keys or authorisers for business transactions – that's the basic idea behind multi-signature (multi-sig). It's our security feature that uses digital signatures from multiple users to authorize transactions. This means more than one person needs to "agree" for an action to happen, adding an extra layer of protection compared to single-user accounts.

How does it work?

We're excited to announce an update that gives managers more control over transaction approvals!

Managers can now:

Designate additional signatories: Choose who needs to approve transactions alongside them.

Set approval requirements: Decide whether one or more signatures are required for a transaction to proceed.

This multi-approval system strengthens security by:

· Distributing authority: Reduces the risk of unauthorized transactions.

· Enhancing collaboration: Ensures critical decisions involve multiple perspectives.

· Improving transparency: Provides a clear audit trail for all approvals.

With this update, managers can tailor transaction approvals to their specific needs, fostering a more secure and collaborative financial environment.

Benefits of Multi-sig:

Increased security: It's much harder for hackers to attack an account requiring multiple approvals. Even if one key is compromised, the others can still protect the account.

Shared control: Ideal for situations where multiple people need access and control, like company funds or business decisions.

Enhanced transparency: Every signature is traceable, ensuring accountability and clear audit trails.

Redundancy: If one signatory loses their key, others can still access the account, preventing lockouts.

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