Trust & Wealth Management
Positive Pay is an automated fraud detection tool to help cash management customers proactively defend themselves against losses and avoid liability issues.
How does it work?
Positive Pay requires customers to transmit an electronic text file of issued checks to the bank each time checks are issued. The file contains a list of checks including account number, check number, amount, issue date, and payee name. When those checks are presented for payment at the bank, they are compared electronically against the cumulative history file. Exceptions to the list are communicated to the customer who can make the pay or return decision.
Who can use this service?
Positive Pay is most beneficial when issuing a high volume of checks or checks with high dollar amounts. Anyone that has check issuing software capable of generating a Positive Pay file can take advantage of this service. The bank can customize their accepted file format based on the requirements of the customer’s software.
To learn more about Positive Pay or any of the services above, please give us a call at 888 572 9881.
Positive Pay Workflow
Guaranty Bond Bank, N.A.
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