Positive Pay is a web-based tool that can help you combat check fraud and forgery by matching the checks presented for payment against check issue detail provided by your company.
- Improved control and security – Reporting of suspect items takes place daily in the morning and enables you to make immediate pay/no pay decisions on potential fraudulent items.
- Increased efficiency – Positive Pay is a fully automated process offered with our Banking Online product, so tracking this activity is a seamless part of your daily financial responsibilities.
- Lowered costs – The expense of cancelled checks or fraudulently allocated funds can be costly to any organization. Positive Pay can help you reduce these unnecessary costs, as well as the reputational damage that is often associated with fraud.
- The online web module provides the operator easy access to review and decision suspect items including a hyperlink to view an image of the check presented for payment.
- Issued check files can also be uploaded through the online web module.
- Checks presented for payment each day are compared against the issued check file and only those that match will be paid, including those checks that were converted and presented to the bank electronically.
- Checks without a match are flagged as suspect and presented to you online for a pay decision.
- Optional features include payee name verification, real time teller verification, and additional date and amount edits to assist with internal controls required to monitor for signature verification and stale dated checks.