Support for "Payee Match" added to Pos-Pay

March 7, 2008

PalmettoTech has enhanced Pos-Pay, its Positive Pay module for The Financial Edge™, to include support for Wachovia's advanced Payee Match check fraud prevention service. "Payee Match, a complementary service to Positive Pay, provides an additional level of protection against unauthorized disbursements and fraudulent checks," said Michael Daley, Senior Vice President and manager of Wachovia's Treasury Services Product Solutions. "At Wachovia, we continue to invest in technology and remain dedicated to creating solutions that address our customers' concerns, including those involving check fraud."

Positive Pay is a check fraud prevention service offered by most banks that matches the account number, check number and dollar amount of each check presented for payment against a list of checks authorized and issued by an organization. In addition to these safeguards, bank tellers, when using Payee Match, compare check information against issue file payee names. If the information does not match, payment is declined to the presenting payee.

About Pos-Pay
Pos-Pay is the only Positive Pay solution that is built specifically for the Financial Edge, allowing users to instantly create Positive Pay transmission files in the format required by their bank.

About PalmettoTech
PalmettoTech has been a Blackbaud Development Network partner since 2004, and has over 8 years of experience developing modules and customizations for Blackbaud's Financial Edge and Raiser's Edge.