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New Check Fraud Prevention Service: PositivePay

New Check Fraud Prevention Service: PositivePay

Check Fraud Prevention - PositivePay by BrittenfordA new check fraud prevention service is now available through Intacct Platform Services. PositivePay™ is for your Intacct checking accounts and provides another level of security to insure your payments are made accurately. This service is fully integrated with the Cash Management Module and has the flexibility to meet any bank format required. Whether you are paying vendors or reimbursing employees, PositivePay™ by Brittenford Systems, Inc. is the solution.

  • Easily setup and configure to meet your bank’s unique requirements. PositivePay™ layouts can include headers, footers, and detail lines – each of which can be quickly configured to meet the format required by your bank.
  • Define a separate file layout for each of your banks. The application works with an unlimited number of bank accounts.
  • Once the PositivePay™ formats have been defined, files are generated based upon the cutoff date specified, and historical files are archived, yet still accessible for reporting purposes.
“Check fraud is a major problem in all companies, no matter the size or industry. PositivePay eliminates this fraud before it occurs.” states Matt Rowley, Managing Director and Product Manager for PositivePay™ at Brittenford Systems.

How Does it Work?

The PositivePay™ process consists of a daily reconciling between a company’s issued checks and checks presented for payment at your bank, in order to identify potentially fraudulent checks.

Upon completion of a check run, a company prepares a “checks issued” data file (including check number, amount and date, as well as other bank and account information) and transmits this data to their bank. Voided checks and manual checks can also be included in this formatted checks issued file.

When checks are presented for payment against an account protected by Positive Pay, the check information is compared to the “checks issued” file. Checks presented for payment that fail to match with checks issued by the company are rejected. The bank then presents a list of “suspect checks” to the company for “pay/no pay” decisions. These “suspect checks” are resolved before the bank authorizes payment. The company may reject any checks it believes to be fraudulent.

Key Benefits

  • Dramatically reduces check fraud
  • Can be used with all US banks and multiple accounts
  • Easy to install, implement and use

To schedule a demonstration, contact Matt Rowley of Brittenford Systems at 703-828-2433. Additional information can be found on the Intacct Marketplace.

 

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