Positive Pay

positive pay  Positive Pay

Positive Pay1 is an effective anti-fraud tool that only allows pre-authorized checks and ACH transactions to go in and out of your account. You will be alerted to any exceptions and can approve or deny them, reducing the risk for potential fraud.

Check Positive Pay

Check Positive Pay enables Waukesha State Bank to match information about the checks your business issues to the checks being presented to the Bank.

The process is simple: Once logged into online banking, your business uploads a file containing a list of the checks you have 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 your business already provided, and alert you to any exceptions.

Check Positive Pay features:

  • Real-time verification of check number, check amount and payee
  • Template building and uploading options
  • Report writing and exporting capabilities

ACH Positive Pay

ACH Positive Pay enables you to pre-authorize ACH transactions to post to your account. If an ACH is presented that falls outside of the filters you set up, you will be alerted and can approve or deny the transaction before it posts to your account.

The process is simple: Once logged into online banking, you set up filters that pre-authorize ACH transactions to post to your account. It lets you easily identify trusted trading partners and to automatically populate a filter for future transactions. You can also set expiration dates, amount limits and more.

ACH Positive Pay features:

  • Control external account debits and credits
  • Experience real-time ACH approvals, which can occur before a transaction posts
  • Eliminate the need to maintain labor-intensive ACH filters with real-time approvals

The Benefits of Positive Pay

  • It reduces the risk of fraud by detecting counterfeit items, items having duplicate check numbers, voided checks presented for payment, stolen checks, checks with altered amounts and unauthorized ACH transactions.
  • 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.

 

Interested?

Call our Electronic Banking Department at (262) 549-8520 for more information or to enroll.

 

1 Additional fees, terms and conditions may apply.