Introducing Direct Transfers: a new way to streamline business spending

Thibaut Sahaghian
June 30, 2019

Exciting times: Direct Transfers are now live on Multis! With this, we’re building a smart way to manage business spending with crypto, from a single multisignature wallet. Spending policies, flexible payments, team allowances, transaction monitoring, all-in-one.

What are direct transfers?

With Direct Transfers, executives can now invite team members to their company wallet as guests, and allocate them petty funds to make spending on-the-go more convenient. A intuitive way to empower teams and keep control over company’s spending at all time — with no frictions.

Why are we so excited about it?

Multisignature wallets are a powerful tool to secure funds as a team: founders and executives can set up daily thresholds and require confirmations for any Ethereum transactions — whether it’s about spending or managing smart contracts.

But they’re still clunky when it comes to actual spending in an business environment:

  • daily thresholds do not apply to ERC-20 transactions, which means every single ERC-20 transaction requires confirmations from wallet owners
  • guests cannot make expenses from the company wallet

With Direct Transfers, Multis is bringing multisignature wallets to an unprecedented level of customization and convenience: executives can set approval workflows & spending policies, invite team members and give them allowances to let them pay with crypto from the company wallet. And they can monitor company’s spending at all time.

A practical use case: let’s go to Osaka!

Let’s say Pepper Potts wants to book tickets to go to Devcon in Osaka. She needs c. 1'000 DAI to proceed.

Without Direct Transfers

Founders send 1'000 DAI to Pepper’s hot wallet, from their own individual wallet. She makes the transaction, gets her ticket, and saves the invoice.

Making two transactions for a single payment creates unnecessary frictions and makes accounting reconciliation more complicated. Just imagine when Pepper starts organising meetups, paying for catering, etc.

The only way to reduce those frictions would be to give Pepper full access to the company’s funds, which may expose the company to rage quits.

With Direct Transfers

From their Multis company account, founders can invite Pepper as a guest and give her an allowance for marketing expenses. She can buy Devcon tickets from the company account without requiring confirmations, and she can keep spending until her allowance gets to 0. Since Pepper uses the company wallets, her transactions are consolidated: founders can see where their company’s money goes in real time, without wasting time on tedious accounting reconciliation.

How does it work?

  • Create your Multis account and make a deposit. You can also sync’ your existing Gnosis multisig wallet here if you have one
  • Invite teammates via email
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Note: make sure they’ve linked their email address to their Metamask or Portis account — they need it to sign transactions in-app.

  • From the Counterparty tab, set up allowances for your teammates
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  • Once approved by other wallet owners, teammates can use their allowance to make direct transfers. They do not require confirmations from wallet owners anymore
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  • Your teammate’s transactions are consolidated. You can monitor company’s spending in real-time
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This is just the beginning

In a few days, we’ll also be announcing the launch of our first insurance integration. Any company will be able to use a self-custodial wallet, with both convenience and peace of mind…stay tuned 🤩

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