Pay positive software

Positive pay is a fraud prevention system offered by most commercial banks to protect against altered, forged, and counterfeit checks. The concept is as easy as closing a door, and involves the following steps. Positive pay is a simple but effective way to prevent check fraud. It stops criminals from cashing fraudulent checks using stolen account numbers. It also catches bad checks where the check amount has been altered or the check has an invalid date.

When instituting Positive Pay, make sure your bank verifies check information against all check-cashing scenarios, not just when checks are transmitted or scanned. Payee verification — Payee Positive Pay offers a higher level of fraud protection than traditional Positive Pay. Traditional Positive Pay only includes comparing check numbers, dates, and amounts.

It does not include payee verification, to insure the payee name has not been altered. Many banks provide Payee Positive Pay as an added feature to Positive Pay, and that may include additional fees. It could have been installed on existing computers for significantly less money.

Positive Pay software reporting allows a customer to generate and transmit a file to their bank referencing the checks that have been issued with the CheckPlusCFO check printing software. The bank then takes responsibility to cash only those checks referenced in the Positive Pay file.

Businesses that cost-effectively implement Positive Pay using CheckPlusCFO software will meet bank requirements to avoid check fraud liability. They will also establish an effective partnership with their bank to stop check fraud and make the real criminal liable for their crime. As payments are made on a monthly, weekly or daily basis, AFS Positive Pay allows financial institutions and businesses to track disbursements for updates to payment information.

AFS Positive Pay allows financial institutions and businesses to monitor payments and receive real-time notifications when payment information — including routing numbers, account information, amounts or other details — are at odds with the normal run of business.

Discover how banks and credit unions help prevent fraud on business accounts. Read Our White Paper. There is an opportunity to strengthen the fight against B2B payments fraud through collaboration. The platform enables corporates to upload information to their banks regarding consistent and relatively predictable transactions they make every month, giving pre-authorization for that bank to complete those payments.

For a business to keep up with the exhaustive details related to vendor, landlord, staff and other payments, requires constant attention.

AFS Positive Pay protects and streamlines these day-to-day transactions by creating a contribution and alert system, so that suspicious activity—like a fraudulent actor trying to misdirect funds—is flagged before a payment is disbursed.

By partnering with AFS, we immediately strengthen vendor and payroll fraud protections for our banking partners… Positive pay is a must-have for community financial institutions looking to attract and retain enterprise banking customers in such a competitive marketplace. Footer CTA Start fighting fraud today Learn how our powerful fraud prevention tools mitigate losses from check, card, or online banking transactions for banks and credit unions nationwide.

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