Positive Pay is an extremely effective way to prevent check fraud.
Identifying and preventing fraudulent check payments helps your organization avoid financial loss, costly disruptions, and reputation damage.
Positive Pay compares checks that are trying to clear the account to a list of authorized checks that you provide. If the check date, amount and serial number match, we will pay the check item. If it does not, we will present an image of the check electronically so you can decide to pay the item or return it as fraudulent.
Positive Pay vs. ACH Block
While Positive Pay is fraud protection for your check items, ACH Block is fraud protection for your electronic items.
Advantages of Using Positive Pay
- Reduces the risk of financial loss
- Enhances visibility of check activity
- Image-based platform reinforces audit trails
- Saves time by reviewing only the exceptions
- Email alerts can provide daily notification for the review of exception items
- Safeguards your organization’s reputation
- Payee Positive Pay will verify the payee name along with check number and amount
Don't Wait for Fraud to Occur to Start Using Positive Pay.
Contact your Local Treasury Management Consultant to Enroll Today.