Checkissuing Positive Pay Solution
One of Checkissuing’s functions is to assist companies in issuing checks as payment for services rendered. Checks are paid to class-action, rebate, or refund recipients, employees, suppliers, vendors, and businesses where a company purchases goods and services. However, if a strong security system is not put in place, identity thieves and fraudsters can “wash” or even create counterfeit checks that can be presented to the bank, where, if nothing seems amiss, the fraudulent withdrawal requests may be honored. To protect our clients against check fraud, Checkissuing strongly encourages and offers integration support for a system known as Positive Pay.
Positive Pay Banking is a fraud-prevention system offered by most commercial banks to companies for a fee to protect the companies against forged, altered, and counterfeit checks. This system allows the banks to verify that the checks they process are funded properly. When a company issues payroll or other types of checks for the week or month, it sends the check register list to the bank, which stores the information in its database. If the information for any of the checks does not match the file, the bank notifies its corporate customer through an exceptions report and withholds payment until the company advises the bank to accept or reject the check.
Checkissuings Positive Pay Banking Integration System
Checkissuing’s Positive Pay Service offers the creation and scheduling of Electronic Bank Positive Pay Data Transmission Service..
Once a positive pay file is generated, Checkissuing sends it to the folder where our proprietary system watches for incoming files and then sends them to the bank for bulk processing. The service is capable of managing positive pay files for both checks and electronic ACH payment files.
Why Partner With Checkissuing for Payment Transaction Integration?
Compatible With Your Bank
Top 5 Reasons Our Clients Choose Checkissuings Positive Pay System
Businesses that cost-effectively implement Positive Pay services using the Checkissuing System will meet bank requirements to avoid check fraud liability, as well as protect against check fraud by preventing criminals from cashing fraudulent checks, using stolen account numbers, or altering check amounts.
Frequently Asked Questions
Positive Pay is an automated check matching service that helps stop most counterfeit and altered checks.
There is typically a small monthly fee from your banking institution to initiate positive pay on your banking account.
Cleared by positive pay means that some of the required information on the check matches the information in the positive pay file.
Positive Pay ARP services automate the check reconciliation process and provide reporting capability for processing the data.
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