The Positive Pay solution for the Financial Edge™

PalmettoTech's Pos-Pay solution is the only Positive Pay application directly integrated with the Financial Edge™. Functioning inside FE as a plug-in, Pos-Pay will create "Positive Pay" data files in the format required by your bank. If we have not yet implemented your bank's format, we will gladly do so at no additional charge. 

What is Positive Pay?

Positive Pay is a treasury management service offered by most banks to combat check fraud. Once enrolled in a Positive Pay program (often at no cost), an organization will electronically send check data to the bank. The bank
will use this data to authenticate payment of checks and decline any check that does not match the data supplied.

Isn't check fraud the bank's problem?

Recent changes to the Uniform Commercial Code (UCC) expose organizations to significant penalties if they fail to take "ordinary care" to prevent check fraud. In the words of the Government Finance Review, “legal liability for check fraud losses has now shifted to depositors”. Implementing a treasury management policy like Positive Pay can help protect your organization from this liability, and can often pay for itself on the first fraud prevention.

How does it work?

Pos-Pay operates inside the Financial Edge™ as a plug-in. Simply specify which FE accounts go with which banks and click on "Create Output Files". Pos-Pay remembers the last check number processed and automatically starts with the next check. There is no need to set up export files, run complicated queries, or manually massage your data, Pos-Pay gets just the data you want and distills it into the format your bank requires. Pos-Pay works with
manual, computer, and payroll checks. Unlike a query or export, Pos-Pay can also scan previous check runs to see if any previously processed checks have subsequently been voided and include that updated check status with the current check run.