Common use of Payee Positive Pay Clause in Contracts

Payee Positive Pay. In addition to the issued item, information provided by you for the Traditional Positive Pay Service, you will provide us with the payee name for each item issued. Using this information, on each business day we mill make reasonable efforts to report to you any payee names that do not match the Issued Check File and Single Entry Input. You acknowledge that the Bank will not be able to validate payee information for electronically converted items presented to the Bank for payment.

Payee Positive Pay. In addition to the issued item, information provided by you for the Traditional Positive Pay Service, you will provide us with the payee name for each item issued. Using this information, on each business day we mill will make reasonable efforts to report to you any payee names that do not match the Issued Check File and Single Entry Input. You acknowledge that the Bank will not be able to validate payee information for electronically converted items presented to the Bank for payment.