Automated Positive Pay with payee or non-payee match depending on the capability of your bank.
What is Positive Pay?
Positive Pay is a check fraud detection service provided by most banks. The bank client must submit a list of issued checks to their bank on at least a daily basis. The bank then matches checks presented for payment against the file of authorized checks provided by the client. During the matching (verification) process the bank compares the check number, check date, dollar amount, and payee*. If all items match, the check is processed for payment. If there is a mismatch of any item on an individual check, the client is notified of the exception. The client must determine whether the check should be processed for payment or returned to the originating bank without payment.
RynohPay provides automated Positive Pay with payee or non-payee match depending on the capability of your bank. This feature safeguards against check fraud, and ensures that only validated checks are honored by your bank/ financial institution. RynohPay automatically transmits a file of checks issued to the bank in accordance with the bank’s file update schedule. This can be once or multiple times daily. No operator intervention is required. Verification of RynohPay submission and acceptance confirmation is provided for each Positive Pay upload. If your bank does not offer a Positive Pay service, RynohLive provides a standalone non-payee match Positive Pay solution.
- Mitigates fraud
- Interfaces with your bank or standalone
- Automatically transmits a file of issued checks to your bank
- Transmit batches once or multiple times per day
- Payee and Non-Payee Services
- Standalone Payee and Non-Payee Match Positive Pay Solution