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What is Bank Positive Pay™?

Bank Positive Pay is an anti-fraud service offered by virtually every US commercial bank. It protects companies against altered checks and counterfeit check fraud.

Here's how it works:
ABC Company issues approximately 600 checks each Friday. After the checks are cut, ABC Company transmits to their bank, First Bank, a list of the checks that they issued (check number and dollar amount). This list is imported into First Bank's computer.

Later, when the checks are presented to First Bank for payment, First Bank matches each check presented against ABC's previously transmitted lists. If the presented checks' numbers and amounts appear on a previously submitted list, the check is sent through for payment. If both items do not match, the check is not cleared.



What does Treasury Software's Bank Positive Pay™ software do?
Bank Positive Pay™ assists in creating, transmitting and researching the check records that you send to the bank. The software is installed at your location and works in conjunction with your accounting package.

File Creation
Each bank has its own unique file format in which data should be submitted - one large national bank has over 10 formats! In addition, banks often require headers and footers containing summations, record counts and hash totals.

File Transmittal
Our software allows you to automate the entire process -including file import and creation- and transmit the file via email, web upload or FTP. We support all security protocols including SSL and PGP.

In addition, we can provide for notification/confirmation via email once a file is sent.

Research
When you sign up for positive pay service with your bank, you are actually agreeing to perform two actions:
1. You will transmit issued check files
2. If there are any exceptions, you will research and provide a response as to whether or not to pay it.
Our software provides you with a database of all transactions sent for immediate research.
In addition, our database assists you when creating the issue file, so you don't accidentally duplicate any records.

Need more information? Give us a call: 866-226-5732.

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