Positive Pay
Positive Pay is an effective anti-fraud tool that enables Waukesha State Bank to match information about the checks a business issues to the checks being presented to the Bank, helping to eliminate fraudulent transactions before they occur.
The process is simple: Once logged into eCorp, the business sends a file containing a list of the checks it has issued, including the account number, check number, dollar amount and issue date of each item. When the checks are presented for payment, we compare them to the information the business already provided, and alert the business to any exceptions.
The Benefits of Positive Pay
- It reduces the risk of check fraud by detecting counterfeit items, items having duplicate check numbers, voided/stopped checks presented for payment, stolen checks and checks with altered amounts.
- It identifies exception items when they are presented, rather than waiting for a monthly bank statement, reducing the amount of time spent on reconciling the account.
- It enables the business to review exception items in eCorp at the beginning of the business day, and flag the items with a pay/no pay instruction.
Sign up for Positive Pay today! Visit a Personal Banker at any Waukesha State Bank location or call our Electronic Banking Department at (262) 549-8520.
