Positive Pay- CheckFraud Alert Module
Check fraud is a serious and growing problem that by some estimates exceeds $10 Billion annually. One of the most effective weapons against check fraud is the Positive Pay service offered by most banks.
Organizations have the ability to reduce their exposure to check fraud and significantly reduce their liability by working with their bank and implementing procedures outlined in UCC regulations.
EZPayManager/400 CheckFraud Alert Module helps organizations fight back, by enabling them to take advantage of the Positive Pay program.
Here's How It Works
In its simplest form, Positive Pay is a program offered by most banks that has check issuers (businesses) create an electronic daily file that contains information on each check issued for that day.
The file contains check number, date, amount, and in some cases the payee name for each check issued. This file is electronically transmitted to the bank, where it is matched against each check that is presented at the bank for payment.
All checks with an exact match are paid, but those without a match are held, pending a review by the check issuer. Using this system, banks are able to significantly reduce the occurrences of check fraud against their depositors.
ACOM's EZPayManager/400 CheckFraud Alert Module captures all data required by your bank and converts the data into a file format specified by each bank. The process runs automatically, making compliance with Positive Pay simple and easy.
Features
- Seamless integration with EZPayManager/400 Laser Checks Module
- Supports all file formats required by your bank(s)
- Automatic data capture
- Selected Access Security
Benefits
- Reduce exposure to check fraud.
- Limit corporate liability.
- Confidence of knowing you're using the best deterent to check fraud there is.
Payments Fraud Quote:
"No prevention method is foolproof, but Positive Pay is the best product in 25 years to deal with the problem of forged, altered, and counterfeit checks."
-Financial Digest
Next Steps
