Increase your staff’s overall operational efficiency with the UMB Positive Pay system. Gain additional control over your accounts while minimizing the potential of check fraud.
How It Works
Several Positive Pay service options are available to meet your company's needs:
- Positive Pay
The checks presented against your company's account are compared to a file of issued checks that you provide to us. If items do not match, they are rejected and researched to determine if payment should be made. All suspect items are reported to your company so that you can provide instructions for paying or returning the item.
- Reverse Positive Pay
This service works the same way as our standard Positive Pay service except UMB presents a file of paid items to you rather than you sending us an issue file. When we send the paid items file to your company, you compare the paid items to your check issue file allowing you to quickly identify and notify us of any items that need to be adjusted or returned.
- Reconciled Positive Pay
When you issue checks, you provide us with a transmission of the check's serial number and dollar amount. Through the use of a Controlled Disbursement site and Positive Pay, we can correct encoding errors on the electronic check presentment file we receive from the Federal Reserve Bank before the checks are posted against your account. This means that checks pay to your account correctly the first time so you will spend less time reconciling your bank account. Adjustment and paying decisions are completed on the same day as posting of the original items.
Positive Pay System Features
- We provide daily notification of items that are not on your issue file.
- You can receive a daily paid check file for updating your accounts payable system that provides you with a daily reconciliation.
- Imaging of paid items is available on a CD-ROM and an interactive PC connection.
Positive Pay System Benefits
- Positive Pay serves as a fraud protection and deterrent service that may result in the reduction of possible loss due to unauthorized transactions.
- Our reconciliation department initiates encoding error corrections and adjusting entries are made against your account prior to the completion of the reconciliation.
- By using Controlled Disbursement for Reconciled Positive Pay, you receive early morning notification of clearing totals.
- The clearing status of all checks is available on a day-to-day basis through a combination of Positive Pay and Controlled Disbursement.
- Your personnel are freed from tasks such as manual check sorting which allows them to focus on more productive activities.
- Reduce expensive and cumbersome storage of physical checks through use of our imaging services.
- Expedite the reconciliation process for period-end closing of books.