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 and electronic ACH payments against those presented for daily payment and reports any discrepancies to you. Each day, you’ll be 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. For any new ACH payments you authorize, tell us the payment details including the company Identification number (ACH Company ID). Positive Pay will then match the items presented for payment against your check-issued and ACH rules listed. Each business day, a report is generated showing you any discrepancies found and will prompt for a resolution prior to processing all transactions before the daily decision deadline.
Positive Pay increases the likelihood of preventing forged or fraudulent checks by looking for:
Duplicate check numbers
Duplicate check amounts
Altered account number or payee
Unreadable MICR lines