Automated Positive Pay with payee or non-payee match depending on the capability of your bank.
What is Positive Pay?
Positive Pay is a check fraud detection prevention service provided by most banks. The bank client must submit a list of issued checks to their bank on at least a daily basis. The bank then matches checks presented for payment against the file of authorized checks provided by the client. During the matching (verification) process the bank compares the check number, check date, dollar amount, and payee*. If all items match, the check is processed for payment. If there is a mismatch of any item on an individual check, the client is notified of the exception. The client must determine whether the check should be processed for payment or returned to the originating bank without payment.
RynohPay provides automated Positive Pay with payee or non-payee match depending on the capability of your bank. This feature virtually eliminates check fraud, and ensures that only validated checks are honored by your bank/ financial institution. RynohPay automatically transmits a file of checks issued to the bank in accordance with the bank’s file update schedule. This can be once or multiple times daily. No operator intervention is required. Verification of RynohPay submission and acceptance confirmation is provided for each Positive Pay upload. If your bank does not offer a Positive Pay service, RynohLive provides a standalone non-payee match Positive Pay solution.
* NOTE: WITH THE STANDALONE RYNOHPAY SYSTEM, YOU MUST IMMEDIATELY NOTIFY YOUR BANK IN THE EVENT THAT A FRAUDULENT OR ERRONEOUS CHECK HAS BEEN PROCESSED FOR PAYMENT. IT IS CLIENTS RESPONSIBILITY TO MONITOR THE DAILY RYNOHPAY EMAIL FOR EACH ESCROW ACCOUNT, AND TO ENSURE THAT MORE THAN ONE RECIPIENT IS DESIGNATED TO MONITOR THESE ACCOUNTS. RYNOH RECOMMENDS THAT CLIENT UTILIZE THEIR BANK’S POSITIVE PAY SYSTEM, IF PROVIDED, ESPECIALLY IF THE BANK PROVIDES POSITIVE PAY WITH PAYEE MATCH. RYNOHPAY AUTOMATICALLY SENDS CHECK ISSUE FILES TO THE BANK IN ACCORDANCE WITH THE AGREED DELIVERY SCHEDULE. SOME BANKS CHARGE AN ADDITIONAL FEE FOR THEIR POSITIVE PAY SERVICE.
- Mitigates fraud
- Interfaces with your bank or standalone
- Automatically transmits a file of issued checks to your bank
- Transmit batches once or multiple times per day
- Payee and Non-Payee Services
- Standalone Payee and Non-Payee Match Positive Pay Solution
We had a day or two where crooks had people cashing 20+ bad checks on what looked like our account and Rynoh prevented us from getting burned.Rick Smith