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Florence Bank Cash Management
Positive Pay
– Overview
Positive Pay
is a powerful fraud prevention tool used by business
customers to prevent against check and ACH fraud. Florence Bank’s
Positive Pay Service helps your business detect suspicious transactions,
reducing the risk of financial loss and safeguarding the reputation of
your business.
Positive Pay allows you to view and compare checks presented for
payment against an electronic check issue file to identify fraudulent
items. You can enter your issued checks directly into the Positive Pay
system or upload an issue files from your computer. Presented checks
are compared against the list of checks you have issued on a nightly
basis, ensuring the information contained matches the issued check
entered. When a discrepancy between the presented check an issued
check is detected, it is flagged as an exception. The system notifies you
of any exceptions via email, allows you to view images of the checks and
exceptions, and then allows you choose to either pay or return the items.
You also have the option to set up ACH authorization rules or filter
blocks for complete fraud prevention. Depending on your needs, you
can choose to block specific ACH transactions or authorize only specific
vendors to access your account.