What is Positive Pay?
Positive Pay is a fraud-monitoring tool that helps protect your company from fraud associated with checks. The goal is to catch fraud before it impacts your business. When Positive Pay detects a suspicious transaction you will be notified to review it.
Key Features
Positive Pay can create multiple exception types including:
- Checks not on Issue File
- Checks paid with duplicate check number
- Checks paid with differing amount
- Checks exceeding a pre-determined dollar amount
Decision maker controls allow you to make pay or return decisions before checks post to your account.
How It Works
- Upload issued check information (Issue File) to online banking website.
- When checks are presented for payment, Positive Pay compares the amount, check number, and payee of each item with your issue information.
- Checks that do not reconcile issue information are presented to you as exceptions.
- Review the exception items online and complete pay or return decisions by the daily decision deadline.