Positive Pay

Positive Pay - A Fraud Prevention Tool
Reduce the risk of check fraud with Positive Pay from BankFinancial. With this service, you submit an electronic file each day detailing the checks your business issues. As each check is presented for payment, the Positive Pay system electronically compares it to the information in your file. Any discrepancies are flagged and reported through email and Online Business Banking alerts, where you can see an image of the check and make an online "pay/no pay" decision.

Positive Pay services not only help prevent check altering and forgery, they also automate your account reconciliation process. That means you spend less time and money on reconciling accounts, and gain a streamlined approach to check storage and retrieval.

Check and ACH Positive Pay
Take your protections against check fraud to the next level with Premium Positive Pay. This service verifies, not only the amount of each check, but also allows you to review your ACH debits and credits based on your ACH blocking options. You'll be notified of any suspect items through email and Online Business Banking alerts so you can make "pay/no pay" decisions.

Payee Positive Pay Validation Service
For those that want to have an added layer of protection, we offer Payee Positive Pay Validation, an enhancement that can be combined with the standard Positive Pay service. In addition to the standard check data verification process, Payee Positive Pay also validates the payee name printed on the check against the name in the check file submitted by the customer. If there are discrepancies with any of the check data components (payee name, account number, check number and/or the dollar amount), this creates an exception item for the customer to decision on whether to pay or return.