Positive Pay
Positive Pay is one of the most effective anti-fraud tools available. Positive Pay means your business transmits a file of checks written daily. When checks are presented for payment on your account they are compared electronically with the transmitted list. When a check doesn’t match one in the file, it becomes an exception item and your business can review the images through Internet Banking before they are paid or returned.
Details:
- Electronically matches incoming ACH transactions to authorizations you have provided
- Integrated data mapping utility allows the bank to accept issued check file formats that are native to the client's accounting system, thus virtually eliminating custom interfaces
- Integration with the teller system provides front line defense against check fraud
- On-line check reconciliation to assist you with balancing to your bank statement
- On-line exception management enables you to make pay/return decisions via the web for check exceptions
- Secure web interface
Perks:
- Reduces fraud by detecting suspicious check activity
- Helps to eliminate financial loss before it happens
- Provides increased control over check activity
- Only exceptions have to be reviewed saving valuable time
- Pay or return decisions can be made via Internet Banking
- User entitlements can be set to aid in the decision process
Have more questions?
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