Positive Pay – A banking service that intercepts fraudulent checks before they clear the bank account and reduces exposure to fraud risk.
With Positive Pay, the bank compares checks that it receives for payment against the record of the checks issued by the company. If the bank receives a check that does not match the record provided by the company, it identifies it as an exception item.
With Teller Positive Pay, checks presented to the bank teller at the issuing bank are reviewed against Positive Pay.
With Payee Positive Pay, in addition to check number and check amount, the check payee is reviewed to determine if