Home >> Business Finance >> Treasury Managment Services >> Positive Pay

Positive Pay

According to the Federal Reserve Bank, an estimated $1 billion worth of fraudulent checks are cashed each year. The Positive Pay service at Pinnacle combines two services to offer a company protection against fraudulent check writing activity while providing an automated check reconciliation process.

How It Works

Every time you issue checks, you send an electronic file transmission of the check information to Pinnacle. The file contains the issue date, check numbers, and check amounts. As checks are presented for payment against your account, Pinnacle cross-references each one to the issued check information you have transmitted to us. If an item does not match due to an incorrect check number or check amount, the item is rejected and is suspected to be unauthorized. We notify you of any mismatched items via e-mail, with an image of the mismatch attached. After reviewing the mismatch item, you make a decision to pay the item or return it as fraudulent.

Reconciliation

Since Pinnacle is matching each day's paid items to the issue file you sent, your account is actually being reconciled daily. At the end of each month, Pinnacle transmits a file of information to you containing the paid date, check number, and check amount for each paid item.

Technical Requirements

In order to use Positive Pay, your accounting system must be capable of creating the file of information for your issued checks. Pinnacle can supply a sample file layout. Both incoming and outgoing files are transmitted via Email.

Questions?

For more information on our positive pay service, please send us a request through the Contact Us form or call one of our treasury management advisors.

Middle Tennessee (615) 743-6200
East Tennessee (865) 766-3031