It's a simple but powerful way to stop the most common types of check fraud.
Adirondack Bank’s Positive Pay service is a proactive banking solution that can prevent your business from becoming a victim of check or ACH fraud. This fraud mitigation tool allows Business Online Banking customers to view checks issued and paid as well as ACH transactions for potential fraud and allows the customer to make timely decisions to return any questionable check or ACH payment. Detailed check reconciliation reports are also included with this service.
Centrix Positive Pay is one of the most powerful tools you can use to protect your business against check fraud. It's a simple but powerful way to stop the most common types of check fraud.
The basics of Centrix’s Positive Pay Service are very simple:
- When you provide a file listing of checks to the Bank, each check will contain a specific profile (date, check number and dollar amount)
- Specific ACH filters can be set-up to flag any suspect transactions
- Those check records are exported from your file list, and imported to the Centrix Positive Pay system
- As those checks are deposited and ACH items are received and reach ADK Bank for posting, we compare the details of the check or ACH to the details you provided when it was originally issued
- If differences or discrepancies are found, the check or ACH item is flagged, and placed in the Centrix Positive Pay "Exception" list for you to review and decide whether to pay or return the item
- You can then quickly determine whether the check or ACH exception should be paid or returned
Features & Benefits of Positive Pay
- Realtime decision making and proactive check fraud control
- Check verification capabilities
- Operational control over the payment or return of a check
- Robust exception and report options