Check Fraud Prevention
Ease of Mind
Omatic Software’s PosPay solution is the only Positive Pay application directly integrated with Financial Edge. Functioning inside Financial Edge and accessible directly from the bank record, PosPay will create “Positive Pay” data files in the format required by your bank.
- Decrease risk of check fraud
- Saves time and money
- Fully integrated with Financial Edge™
How does it work?
PosPay operates inside Financial Edge directly on the Accounts Payable bank record form. To create files for a bank’s Positive Pay/ARP system, users can now activate PosPay by navigating to Banks within Accounts Payable, clicking the “Open” menu option on the appropriate bank, then selecting the “Create Positive Pay Files” option from the bank’s menu bar. PosPay 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, PosPay gets just the data wanted and distills it into the format the bank requires. PosPay works with manual, computer, and payroll checks. Unlike a query or export, PosPay 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.
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 an organization from this liability, and can often pay for itself on the first fraud prevention.
We worked for months with our bank to create Positive Pay files on our own. The PosPay program is very user friendly and saves us man-hours every time we produce checks.