Positive Pay

As a dedicated business owner, you understand the importance of security and efficiency in managing your finances.  This is why we are excited to introduce you to RSNB Bank's new Positive Pay solutions, powerful tools designed to help safeguard your business accounts against fraud.

Why should Positive Pay matter to your business?

Today's cybercriminals don't just steal credit card numbers or send fake emails.  They research businesses extensively, studying vendor relationships, payment patterns and employee communications through social media and data breaches.  Fraudsters move quickly to get as much money as possible before they are noticed.  This makes early detection critical.

If your business still writes checks (as many Wyoming businesses do), Check Positive Pay should be an important part of your fraud prevention plan.  This is an automated service that helps banks detect fraud by matching your issued checks with checks presented for payment.  If information on a presented check doesn't match what you have sent to us, you are notified that there are transactions that need to be looked at.

When it comes to ACH transactions, an important fact that most business owners do not know is that companies only have one business day to return an ACH Payment.  With such a tight timeframe, ACH Alerts are an essential piece of protection for any business.

The reality is most business owners are too busy running their companies to monitor their account activity daily.  Cybercriminals like to target small businesses, and no business is too small to be immune.  This is why proactive protection like ACH Alerts is so valuable.  Rather than trying to detect fraud after it happens, you can prevent unauthorized transactions before they start.

ACH Alerts work differently from Check Positive Pay because there is no physical check involved.  Instead of verifying individual transactions, ACH Alerts allow you to create an "approved" list of trusted entities authorized to debit or credit your account. The more selective you are about who can access your account, the better your protection.  You can also set dollar limits and expiration dates for authorization, giving you even more control.  Once your approved lists are set up, the system runs itself and if it finds a transaction that doesn't meet your specifications, you will get a notification asking you to look at the transaction.

The best part of all is that our Positive Pay solutions are available for free to our customers! 

RSNB Bank Positive Pay Solutions

Our Positive Pay solutions are designed to safeguard your accounts against unauthorized ACH or check transactions and other check fraud.  Whether you choose to have one, or all of our solutions, we can help you configure your Positive Pay services to match your company's specific situation.

Solutions that we offer include:

Check Positive Pay – Operates by verifying each check presented for payment against a list of checks issued by your company (a.k.a. an issuance file).  The issuance list or file includes essential details about the check such as check number, account number, and dollar amount. 

Payee Positive Pay – This optional Check Positive Pay feature will also inspect the check image presented to compare it to the payee name provided on your issuance file with the payee on the check image.  Any discrepancy flags the check as potentially fraudulent, prompting alerts to be sent for further action.  This process significantly diminishes the risk of check fraud and losses that can almost never be collected.

Reverse Positive Pay – Are you a business that doesn’t have a lot of transactions but would still like to monitor your account?  Reverse Positive Pay may be the answer for you!  With this Positive Pay solution all clearing checks are presented for verification rather than uploading an issuance file. 

ACH Positive Pay - Allows you to set parameters to control which ACH debits and/or credits post to your accounts.  Similar to its check counterpart, ACH Positive Pay flags transactions not meeting the established criteria, enabling you to review and decide on the legitimacy of these transactions.

Not sure which of these solutions is right for you or interested in learning more about RSNB Bank’s Positive Pay Solutions?  Contact us or stop by one of our locations for more information.

Want more information?

Watch the following tutorial about Positive Pay.