Positive Pay | The ultimate defense against transaction fraud.
Stay a step ahead of fraudsters, maintain regulatory compliance, and provide enhanced protection against unauthorized transactions for your commercial accounts. By offering Positive Pay, Hiawatha Bank and Trust can make transacting safe and simple.
Positive Pay is a banking service that helps detect and prevent ACH and check fraud by allowing our commercial accounts to monitor transactions against check issuance files and ACH criteria. Matching transactions are processed, while discrepancies are flagged for review, requiring approval or rejection.
ACH Positive Pay
With ACH Positive Pay, users can effortlessly manage approved and/or blocked lists, set transaction parameters like amounts, frequency, and timeframes, and gain greater control over their financial security.
Check Positive Pay
With Check Positive Pay, businesses can manually upload or input their check register via our online banking platform. As checks are processed, Hiawatha Bank automatically cross-references each check against the check register. Check Positive Pay offers different levels of protection. Standard Positive Pay verifies check number, amount and date, while Payee Positive Pay adds payee name validation for stronger security.
Your questions, answered!
Q: How does a financial institution handle an exception item in Check or ACH Positive Pay?
A: When the positive pay system finds an exception, it's flagged. The business client must review and decide to pay or return it.