Positive Pay is a powerful tool that helps protect your business against fraud.
The basics of
Check Positive Pay are simple – when you issue checks, the specifics of those checks are exported from your software and imported to the Positive Pay system through Online Banking. As these checks are deposited or cashed, the bank compares the details of the check to the details you provided when the check was issued. If any transaction does not match the check information, an exception will occur and you will be notified. You can then determine whether the check should be paid or rejected, based on your review.
Features
- Automated File Uploads: Allows easy upload of issued check files via secure channels.
- Fraud Detection: Matches issued checks against those presented for payment to detect discrepancies.
- Check Verification: Validates check number, date, payee, and amount against issued check records.
- Exception Reporting: Flags mismatches for manual review and decisioning.
- Real-Time Alerts: Notifies users of exceptions or suspicious activity.
Benefits
- Reduces Check Fraud: Helps prevent unauthorized or altered checks from being paid.
- Minimizes Losses: Detects discrepancies early, reducing the risk of financial loss.
- Streamlines Reconciliation: Simplifies the process of matching issued checks with cleared ones.
- Enhances Operational Efficiency: Automates check verification and exception handling.
The
ACH Positive Pay functionality uses an ACH filter which allows you to set up rules to allow or return ACH debits based on criteria that you define. The system will then flag ACH transactions that fall outside of these rules. Your business can easily set up an approved vendor list and identify trading partners you authorize to originate ACH transactions, within the dollar limits that you specify. Only the transactions that match these criteria are posted to your account.
Get Started Now
To learn more about partnering with MidAmerica National Bank to protect your business, call us at 877-647-5050 to speak with a Business Banker or
schedule a meeting.