Positive Pay is a transaction monitoring service that protects your business against fraud. By monitoring your transactions and only allowing those that you’ve approved to be paid, Positive Pay reduces the risk of fraud in a streamlined, user-friendly customizable experience.
Meadows Bank currently offers a suite of Positive Pay products to our business customers. All of these products are available through our Treasury Management portal. Below is a brief description of each of the Positive Pay products that can be utilized to protect your business accounts from check and ACH fraud.
Traditional Positive Pay:
Through our Treasury Management portal, you can upload a file containing the data for all checks issued by your company. As checks are presented for payment, our system will automatically compare the items to the file you submitted. Checks that you authorized within your uploaded file will automatically be paid against your account. If a check is presented for payment that does not match the issued item file you uploaded, you will receive an email notification from the bank and will be directed to review the item within the Treasury Management portal and decide whether you’d like the item to be paid or returned.
Reverse Positive Pay:
Reverse Positive Pay is a product that forces every check that attempts to clear your account to be flagged as an exception. You or a member of your team would log in to your Treasury Management portal and manually review each item and determine whether you’d like them to be paid or returned.
ACH Positive Pay:
The newest member of our Positive Pay suite of products is ACH Positive Pay. This service allows our customers to review all incoming electronic debits and decide whether you’d like them to be paid or returned in real time. ACH Positive Pay has the unique capability of allowing the user to create custom filters that will whitelist certain transactions so that they can automatically flow through your account without review, or blacklist items that you’d like to automatically return when they attempt to post to your account.
All Meadows Bank Positive Pay products provide the following features to our clients:
• Automatic check and/or ACH debit monitoring
• Email alerts to notify you and your team of potential unauthorized transactions
• Images of the check exceptions that need to be reviewed and approved or returned
• Detailed information of ACH debits that need to be reviewed and approved or returned
• The ability to pay or return items through our online banking portal or mobile app
• Customizable filters, templates and numerous reporting options
If you feel that Positive Pay would be a good fit for your business or would like to discuss Positive Pay further, please reach out to your account representative, stop by your local branch, or contact the Electronic Banking Department at email@example.com. A member of our team will be happy to assist you in finding the Positive Pay product that works best for you and your business.