Overview:
Positive pay is a cash management service offered by financial institutions to combat check fraud. The financial institution pays only those items where the check numbers and check amounts match the company’s issue file. This process requires the company to send the financial institution a file containing issued check information. The Positive Pay Format window allows you to define that file layout.
This video walks through the process of setting up a positive pay format in PENTA that matches your banks specifications. It is very important to test this file format before going live on this process.
Benefits:
- Provides the ability to create unique positive pay file formats that your bank will accept
- The Positive Pay Process reduces the risk of check fraud
Roles:
- Accounting Manager
- CFO/Controller
Location:
- Financial & Accounting > Setup > Positive Pay Format
Video: