Multiple Advantages of Positive Pay:
- Simplified reconcilement. Positive Pay simplifies your account reconciliation efforts. You simply provide complete check issuance information, detailing all disbursements before the items clear. Once the information is in Alta Alliance Bank's system, it is compared to checks as they are presented for payment. If the serial numbers and dollar amounts of presented items match exactly, the checks will be paid. Checks that fail to match issue data are reported directly to you, and Alta Alliance Bank can return unauthorized or altered items presented against your account through the banking system based upon your instructions. This service simplifies reconcilement; it ensures that only those items you have issued will be paid by the Bank, and it eliminates any items on the statement that do not match the actual issued checks.
- Enhanced control. An e-mailed report detailing suspect items is generated each morning for your review. You instruct Alta Alliance Bank by e-mail or fax regarding any items to return. This option provides you with complete and efficient control of the review process. You are able to identify fraudulent items and still pay all legitimate ones by reviewing all suspect items.
- System flexibility. Check issuance information may be delivered to Alta Alliance Bank via encrypted e-mail file attachment or direct transmission to the Bank's host system.
- Exception criteria. Other exception criteria may be established including maximum dollar amount and date controls.