Positive Pay | View the Demo (choose Positive Pay within the BBO demo)
Prevent daily check fraud and errors — Union Bank’s Positive Pay is designed to stop a problem before it starts.
Positive Pay provides additional fraud control by comparing your issued checks against those presented for daily payment and reports any discrepancies to you. You’ll be immediately aware of any discrepancies that can lead to fraud losses or disruption of payments to your valuable vendors or customers.
On the days you issue checks, simply consolidate your check-issued files and send the information to us electronically. Positive Pay will then match the items presented for payment against your check-issued list. Each business day, an online report is made available indicating any discrepancies found.
Positive Pay increases the likelihood of preventing forged or fraudulent checks by looking for:
- Duplicate check numbers
- Duplicate check amounts
- Altered account number
- Unreadable MICR lines
ACH Filter and ACH Blocks
The increasing volume of ACH payments means an increased potential for ACH fraud. To help protect your business from ACH fraud, Union Bank & Trust offers ACH Filter, which allows you to define acceptable ACH debits and credits to clear your business accounts.
ACH Filter gives you control and helps protect against unauthorized or erroneous ACH entries - both debits and credits. Set various criteria to authorize some ACH debits and/or credits to post to your account. If any items do not match the filter data, we provide that information to you early in the day so that you can determine whether to honor or return the ACH items.
ACH Block Service allows you to block all ACH debits, credits or both kinds of transactions from posting to your business account.
High Dollar Authorization
The High Dollar Authorization feature allows you to review all checks over a set dollar amount. You set the dollar threshold and each day checks paid over that amount can be reviewed by you for payment. This is an improvement over traditional two signer checking accounts.
Through Business Banking Online, you can download a file of cleared checks in a verity of formats and import the information into your accounting software. This provides you with significant time savings through increased automation of the reconciliation process.
To sign up for these services or to learn more, contact Union Bank’s Treasury Management Services department at 402.323.1557.