Checkissuing Positive Pay Solution
One of Checkissuings functions is to assist companies issue checks as payment for services rendered. Checks are paid to class-action, rebate or refund recipients, employees, suppliers, vendors, and businesses that a company purchases goods and services from. 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 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 Integration System
Checkissuing’s Positive Pay Solution offers a creation and scheduling Electronic Bank Positive Pay Data Transmission Service.
Once a positive file is generated, Checkissuing sends it to the folder where our proprietary system is watching 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.
- Simplified integration makes fraud prevention with Positive Pay easy and painless
- Automatically formats signed check information in the layout required by your bank
- Securely transmits formatted documents to meet your banks’ requirements
- Our development and delivery system keeps your payment systems standard
- Implementation and data mapping services
- Secure data payment file creation process
WHY PARTNER WITH CHECKISSUING FOR PAYMENT TRANSACTION INTEGRATION?
- Leverage Checkissuing’s expertise with financial data translation and secure transmission
- Reduce implementation time and Total Cost of Ownership for payment system support
- Increase security and reduce risk for errors by eliminating repetitive manual processes
- Clients can rely on Checkissuings proven integration systems with Bank’s Payment Input Files
COMPATIBLE WITH YOUR BANK
- Our Positive Pay file creation platform is 100% compatible with most banks.
- Quick and easy setup with our library of hundreds of bank formats.
- Bank Positive Pay is bank independent, so you can create multiple files for the same or different banks.
Top 5 reasons Our Clients Choose Checkissuings Positive Pay System
- Our library of bank formats to enable quick and easy setup with most financial institutions.
- Archiving and Full Reporting of processed Positive Pay Files
- Full Audit trail – eliminates duplicate transmissions and simplifies research
Businesses that cost-effectively implement Positive Pay 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.