Positive Pay System definition

Positive Pay System or “PPS” means the process of reconfirming key details of large value cheques, where the issuer of the cheque submits to the Bank electronically (through channels like SMS, mobile banking, internet banking, ATM, etc.) or in writing or in any other mode permitted by the Bank from time to time (subject to the guidelines of RBI), requisite minimum details of the corresponding cheque issued by the issuer (such as date, name of the beneficiary/payee, amount, etc.) and the terms “Positive Pay System instructions” or “PPS instructions” shall be construed accordingly.
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Positive Pay System means accessing the website for Positive
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Positive Pay System means accessing the website for Positive Pay Services
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Examples of Positive Pay System in a sentence

  • The Positive Pay System is capable of mapping Check Files created from multiple software programs.

  • If an Entry is rejected, returned or if a Notification of Change (“NOC”) is received, Bank shall timely notify Company through its Positive Pay System or any other agreed upon method.

  • Company will review the Exception List each Business Day by 3:00 p.m. CT through the Positive Pay System, otherwise Company’s chosen default option will be applied.

  • Banks are advised to create adequate awareness among their customers on features of Positive Pay System through SMS alerts, display in branches, ATMs as well as through their web-site and internet banking.

  • If Company issues a stop payment order on a check that was listed in an Issued Check File, check will be considered matched in the Positive Pay System.

  • RBI has introduced Positive Pay System (PPS) for Cheque Truncation System (CTS) with effect from January 01, 2021 The concept of Positive Pay involves a process of reconfirming key details of large value cheques.

  • If Customer elects to receive ACH Positive Pay Services from Bank, Customer shall manually enter into, or import from Customer’s accounting system into, Bank’s Positive Pay System, or otherwise transmit to Bank, directly or through a third party acceptable to Bank, in accordance with procedures specified by Bank from time to time, companies authorized to debit and/or credit Customer’s deposit account, with transaction amount limitations and effective/expiration dates.

  • If Customer elects to receive Positive Pay Services from Bank, Customer shall manually enter into, or import from Customer’s accounting system into, Bank’s Positive Pay System, or otherwise transmit to Bank, directly or through a third party acceptable to Bank, in accordance with procedures specified by Bank from time to time, a file of checks issued each Business Day no later than the Bank-established cut-off time for issued items.

  • The eighth VNR, which ONDCP provided to us, is contained in a videocassette labeled, “Ad Council/ONDCP Video News Report, February 6, 2003.” ONDCP states that the Advertising Council prepared this VNR with assistance from ONDCP.

  • After checks are created by the AMC staff, a list of all newly created checks is imported into the Positive Pay System (PPS) following PPS current procedures.

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