Positive Pay is the leading fraud prevention solution designed to help protect your business against the ever-growing threat of altered, forged or counterfeit checks.
How It Works
Clients upload a file through online banking that contains key pieces of information pertaining to each check that is issued, including the name of the payee.
When a check attempts to clear the account, the bank validates if the check is legitimate by comparing that check to the list of issued checks previously provided to the bank.
If the information on the check being presented matches the information on the list of issued checks, the check clears just the same as it does without Positive Pay in place.
If there’s a discrepancy between the check and the bank’s record of issued checks, known as an Exception Item, clients are alerted to view an image of the Exception Item within online banking where they choose whether or not to have the bank pay the check.
For additional information on how to protect your organization with Positive Pay, please send an email to Treasury Management Solutions