Positive Pay is the most sophisticated of all account reconciliation services. It is a process that enables you to minimize potential fraud losses associated with checks issued by your company. Using Positive Pay, you can review suspect items prior to their being paid by the bank and return any checks that appear to be fraudulent.
The Way It Works
1. Your company sends Simmons Bank a list containing the serial number and amount of each check that will be issued. Simmons Bank passes the issued check information to our Positive Pay System.
2. Simmons Bank processes your checks presented for payment and a file is passed to the Positive Pay system.
3. The Positive Pay system compares the two files.
4. If the checks are on your issued file they are paid. If the checks presented for payment are not on your issued check file, they are considered an Exception.
5. Exception items are communicated to you via an exception report.
6. It is then up to you to decide whether to pay the item(s) or not. If Simmons Bank does not receive your decision in time to make its internal return check deadlines, the checks are returned.
7. Approved exception items are paid and the bank returns unapproved exception items.
- Highly effective defense against check fraud.
- Multiple layers of security
- Inexpensive compared to potential losses from fraud.
- Allows intervention by management regarding questionable checks.
to request more information on Simmons Bank Cash Management services.