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Southside Bank

The Bottom Line - Protect your business with Positive Pay


SB Southside Bank Logo By Southside Bank
Tuesday, September 03, 2019

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Cyber criminals want access to your business, but there are ways to protect yourself. Take full control of your business accounts by implementing Positive Pay tools to combat account fraud from all angles.

What Is Positive Pay?

Positive Pay is a Treasury Management product that matches checks and/or ACH items issued by companies with those presented for payment. Any check or ACH that does not have matching criteria creates an exception for the business owner to review.

There are two types of Positive Pay. Check Positive Pay is a service that provides early detection of fraudulent, altered or counterfeit checks. ACH Positive Pay is a service that provides early detection of unauthorized electronic (credit or debit) transactions by filtering known and unknown originators.

Understanding Positive Pay

Positive Pay allows a Southside Bank business customer to verify that the checks and/or ACH items they authorize for payment from their account and any other items are genuine. If security checks are not put in place to authenticate transactions, criminals could quietly and methodically commit fraud without immediate knowledge by the business. Positive Pay can act as a form of insurance for a company against fraud, losses, and other liabilities.

How the Positive Pay System Works

When a company issues checks, a company representative sends a listing of those items through online banking. The information transmitted to the bank includes the account number, check number, date, dollar amount, and payee name. If any piece of the check being presented for payment does not match the information provided, the system will notify the business via email of an exception for review. When a company issues an ACH, the company can add the known originator name and originator ID to the ACH allowed rules in the positive pay platform. If an ACH item is presented for payment that does not match the known list, then that ACH item will be marked as an exception for the business to review.

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