Positive Pay means a service in which Bank compares the check serial number and exact dollar amount of checks issued by Customer against checks presented to Bank on a daily basis, reports to Customer any discrepancies relative to Customer’s acceptance criteria, and provides Customer an Exception Report for review and a mechanism for accepting or rejecting final payment of the check. All Positive Pay services include an automatic “teller line interface” which identifies potentially fraudulent items throughout the Bank’s branch network. Check Issue Files are updated hourly to the Bank’s Teller system. Checks presented at the window for encashment are matched to the information in Customer’s Check Issue File. If the information doesn’t match, the teller will refuse to cash the item and refer the presenter back to the issuer.
Positive Pay or "reverse positive pay" means any system by which the authenticity of a check is determined before payment is made by the financial institution against which the check is drawn.
Positive Pay means a file created by MiCSES (and/or the Contractor) and used by the MiSDU subcontractor bank at the time a party presents a MiCSES-MiSDU check to verify the check is validly issued and has not been previously cashed, voided, or stop paid. This file is updated daily, generated and transmitted by MiCSES to the Contractor or bank along with voids and stop payments entered through banking software to maintain a comprehensive file that is in agreement with MiCSES regarding valid checks.
Examples of Positive Pay in a sentence
These services include: (i) Positive Pay and Account Reconciliation Services and (ii) ACH Fraud Filters.
The Positive Pay System is capable of mapping Check Files created from multiple software programs.
The cutoff times for the delivery of issued check information align with those referenced above for Check Positive Pay.
As per instruction of Bangladesh Bank on Positive Pay for clearing cheque, the account holder must inform the Bank (IFIC Bank Ltd.) in writing or through Contact Center after issuance of a cheque for the amount one lac and above.
You understand that Positive Pay may not identify counterfeit or duplicate checks.
More Definitions of Positive Pay
Positive Pay means a service designed to detect fraudulent items whereby you electronically share with us your check register of all checks issued from your account with us. We pay all items charged to the Account unless you direct us not to do so by the daily deadline, in which event we will comply.
Positive Pay means banks compare a personal or company's record of cheque issued with cheque presented for payment;
Positive Pay means the service offered through Business Online Banking where Company can manage, approve, and return Checks presented for payment on an Account by verifying Check amount and Check number.
Positive Pay will mean a process by which a data file containing information related to checks issued (i.e. check number, check date and check amount) is created and forwarded to a banking institution. The banking institution will use this file to verify all checks presented for payment prior to paying any check. The banking institution will create a listing of items that did not match or were otherwise not included in the data file, hereby referred to as the exception list. The exception list is made available for research and a resolution on whether the exception items presented should be paid or returned unpaid. The aforementioned is done daily.
Positive Pay means a fraud prevention mechanism that requires payment information to be transmitted to the claimant’s financial institution in a file format dictated by that financial institution. When a check is presented at a financial institution for payment, the bank reviews the Positive Pay process to validate the check.
Positive Pay. Cut-Off Time – 10:30 AM PT Wire Transfers: Cut-Off Time – 1:30 PM PT
Positive Pay means the service pursuant to which the Bank compares Checks presented for payment against a Check List provided by Customer and processes those Checks according to the procedures established by Bank.