Prevent fraud with Positive Pay!
Positive Pay is a fraud protection service for business customers.
How it works:
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A customer logs on to Cash Management Online Banking and uploads/enters the checks they have issued.
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When checks are presented to the bank for payment, the account number, check number, and amount on the presented check is compared to the information the customer uploaded/entered.
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If all the information matches, the check is accepted, and the transaction completed.
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If the information on the check does not match the information in the system, the check will be flagged as an exception item and will need to be reviewed by the customer for a decision on paying or returning the check.
Features & Benefits:
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Proactive approach to preventing check fraud.
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Check verification – protect against lost or stolen checks and prevent payments for duplicate checks.
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Save time, money, and resources by automating some of your manual fraud prevention measures.
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Low-cost solution.
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Easy to use.