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Positive Pay for Precision® from Pinnacle Bank is the most effective method available to protect your business against financial loss due to check fraud. As the fraudulent production of checks becomes increasingly easy, positive pay and automated account reconcilement services are critical to protect against fraud.
Overview
Positive Pay increases both the effectiveness and timeliness of fraudulent check detection over traditional systems, which rely almost exclusively on posted proof files to identify fraudulent checks.
With Positive Pay, we can better monitor and detect unusual or unauthorized disbursement activity by comparing paid items against issue information to identify any discrepancies. Our business customers can send us a file of their issued checks each day. In turn, they receive a daily notification of exception items, either by fax or through your online business banking solution. This enables them to send handling instructions and import new issues notifying us of possible fraud.
Business banking customers also enjoy the capability to download a paid item file on a daily basis, as well as provide us with a daily issue file detailing outstanding items. This helps control which checks are paid against their accounts, and guards against losses due to altered and counterfeit checks, as well as unauthorized items.
Key Features
For more information on Positive Pay for Precision or other business banking services, please contact us.
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