How does Positive Pay work?
In its most basic form, Positive Pay electronically sends information to us about the checks you write. As those checks are presented to us for payment, we verify them against the information you provide, such as the dollar amount and check number. If the information doesn't match, the items are held pending your review and approval.
How does the bank verify the information?
We use a double verification method to help protect you and your business against some of the most common check fraud schemes. It ensures that your record matches the actual check before payment is issued, giving you a chance to intercept a fraudulently written check at the right time... before it impacts your account.
How do we transfer our records to you for verification?
Using our easy upload process, you simply import a batch of items from your own payment files generated from your check writing software. First, you create a positive pay file in your check writing software following the .csv format and data sequence instructions provided by the bank. The bank will also provide specific file names that must be used to upload your positive pay files. Through Icon Bank's Business Online Banking site, you will click on the positive pay link and enter your positive pay user name and password. You will then import your positive pay files and once accepted by the bank you will receive a confirmation email to confirm your upload has been processed.
What if the data from our check file does not import correctly?
Once you have completed the import process, you will receive a rejected email notification if any positive pay files contain any errors. You can then return to your original check file, correct the errors and resubmit your positive pay files to the bank.
What information can be included in the file we send for verification?
Your completed positive pay file will include the account number, check number and dollar amount.
What happens when your system flags an item during verification?
If there are any discrepancies found between an item presented and the information supplied by you, we will report those items to you as Exceptions. You can then compare the item to your records, and tell us whether to pay it or not. It is a fast and easy way to monitor potential fraud on a daily basis. More importantly, it helps ensure your business funds are only used the way you intend. And only by individuals you have authorized. Find out more about how simple it is to set up and use Positive Pay to protect your business. Just ask us.
If you have additional questions, contact Capital Bank for assistance.