SNB's Positive Pay Service is a module of SNB DirectBanker®. This service is the process through which a company and SNB work together to detect check fraud by identifying items presented for payment that a company did not issue.
Case Study
Payroll Success, Inc. is an SNB customer that uses Positive Pay to help combat fraud. The company was using Positive Pay when an unknown individual wrote a series of $3,600 and $4,800 checks against the Payroll Success account in an effort to obtain money fraudulently. "These checks were flagged by the Positive Pay system," said Dennis Bishop, vice-president for Payroll Success. "We noticed that they were not checks we had approved for payment, so we were able to click 'Do Not Pay' in the system to keep the checks from being processed. It's a great tool – it works perfectly." Because of SNB Positive Pay, Payroll Success did not experience a loss due to this fraudulent activity.
Benefits
Sophisticated defense against check frauds and losses
Provides multiple layers of security
Errors are detected prior to month-end, which will improve your account reconciliation process
How it Works
Your company sends SNB a check issue file each time you distribute checks
A simple comma-delimited file or a QIF file format from your accounting software is used
SNB compares the file of checks presented to the check issue file
If the checks match the data on your issue file, they are paid
Exceptions are identified and communicated to you via SNB DirectBanker® at 8:00 am each business day
Items are paid unless instructed to "return"
SNB's Positive Pay is our solution to provide you with a highly effective defense against check fraud.
To activate Positive Pay, simply contact your banking officer or call Business Client Services at 888.762.4762 ext.101362
For more information regarding SNB's Positive Pay Service, please contact an SNB Treasury Management Representative in your area or SNB's Business Client Services at 1.888.762.4762.
