New banking regulations require Concur users to update profiles
As a result of updated federal regulations within the banking industry, Concur will no longer be allowed to make deposits into your personal bank accounts for the reimbursement of approved business related expenses. To ensure compliance with the regulatory requirement, Concur and VUMC has engaged a dedicated, experienced, third- party payment processing partner to facilitate this process. Our third-party partner is Western Union Business Solutions Payment Processing Partner.
To facilitate this transition to the new platform, additional information will be required of you to process your expense payment. Your personal address is now required in the banking section of your Concur profile that you have established, and you will be required to opt into using this new platform before you submit your expense report. This is a one-time update and opt in requirement. These changes can be made to your profile starting February 8th.
Any expense reports that are approved for payment by Feb. 28, 2021, will follow the current deposit process. Expense reports approved after Feb. 28, 2021, will be under the new deposit platform. If you have questions, please contact the VUMC Travel and Expense Team at vumcconcur@vumc.org .
As a reminder to the Concur expense report users:
- The opt in process will begin on March 1, 2021
- Concur does not allow a delegate user or proxy user to agree to authorize direct deposits. Only the bank account owner may agree to authorize direct deposits.
- Updating your bank profile is not available on the Concur Mobile Application.
- Employees that do not opt in before submitting their next expense report, will be prompted with instructions to follow (see below) prior to the submission of the expense report.
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