What is Positive Pay?
Positive Pay reduces fraud by validating the checks presented to us by electronically matching the checks against your check register (which is uploaded to NVB via the CashManager program). A check presented for payment that does not match a corresponding check in your check register (such as altered checks, counterfeit checks, stolen check stock and valid issue stolen checks) is flagged as an exception and referred to you for a pay/no pay decision. It’s another step to protect you by preventing fraudulent activity against your account.
What is High Dollar Authorization?
High Dollar Authorization is an additional tool within the Positive Pay product which allows you to establish a dollar threshold for checks presented to the Bank. If a check is presented to the Bank for payment that exceeds this threshold, it is flagged for review to allow you to approve or return the check.
Why is this solution right for my business?
Positive Pay will: