What is Positive Pay?
Positive Pay is an automated fraud detection tool for checks and ACH items available to our business customers and empowers them to detect and respond to suspicious activity in real time. The business plays the lead role in determining if a transaction is legitimate or fraudulent. One of the primary benefits of using Positive Pay is that fraudulent transactions can be rejected immediately, preventing funds from leaving an account.
There are two types of Positive Pay - Check Positive Pay and ACH Positive Pay. With Check Positive Pay, the goal is to prevent check fraud by matching the checks you issue as a company with those presented for payment. If a check is considered suspicious, you are notified to review the check and determine if it should be paid. Check Payee Positive Pay takes it a step further and also reviews the payee's name on the checks to determine in addition to the other information on the check (dollar amount and check number). Check Payee Positive Pay is an excellent tool to use against common check fraud occurring more and more every day including check washing or the creation of fraudulent checks.
ACH Positive Pay allows you to monitor ACH debits and credits posting to your account. You can make decisions about those ACH transactions, reducing the risk of potential fraud.
To learn more about Positive Pay or if you would like to enroll in the service, contact Anne Di Santo, Vice President/Cash Management Officer, by phone at 610.973.8165 or email at adisanto@ambk.com.
Check out the videos below to learn more about these great services!
Check Positive Pay