Positive Pay

What is Positive Pay?

Positive Pay is a cash-management service for detecting and protecting your business against fraudulent checks and ACH transactions. Positive Pay matches the checks and/or electronic debits (ACH) your company issues with those it presents for payment. Any check or electronic debit that appears potentially fraudulent is sent back to you, so you can decide whether the item should be paid or declined.

What is the process and how does it work?

Positive Pay requires your company to send (transmit) a file of issued checks and/or establish an approved list of existing electronic debits (ACH relationships) to BankNewport. When issued checks or electronic debits are presented for payment at the bank, they are compared electronically against the list of transmitted checks and the approved listing of electronic debits.

When a check or electronic debit is presented that does not have a “match” in the file, it becomes an “exception item.” The bank will send an alert notification of any potentially fraudulent transactions of non-approved items. You will be able to review the item and instruct the bank to pay or return the check.

What is the benefit to you?

• Customizable platform
• Time saver
• Supports business continuity planning with no interruption in daily work flow
• Provides a level of insurance for your available cash
• Supports dual signer compliance controls required by Non-Profits and Federal/State Government contracts
• Election options to protect checks, electronic debits or both

Interested in learning more about our Positive Pay services or want to get started now?  Contact our Cash Management Team today.