Positive Pay

Positive Pay

Enhance your transaction security with APCOB’s Positive Pay services. We empower you to proactively protect your financial transactions against fraud, ensuring peace of mind and trust in every payment. With Positive Pay, your financial interests are safeguarded, and your transactions are fortified against unauthorized activities, reinforcing our commitment to your financial well-being.

Enhanced Security with APCOB's Positive Pay System

To bolster cheque payment security, RBI introduced Positive Pay for CTS from January 1, 2021. APCOB extends this to cheques of Rs. 50,000+ from March 1, 2023.

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    Q1: What is Positive Pay?

    Positive Pay is a fraud prevention service offered by banks to help businesses safeguard their accounts against unauthorized or altered checks. When a company issues a batch of checks, they submit a list of these checks (including check number, date, and amount) to the bank. The bank then verifies incoming checks against this list, flagging any discrepancies for review.

    Q2: How does Positive Pay work?

    When a check is presented for payment, the bank compares the information on the check (such as check number, date, and amount) with the information provided by the account holder through Positive Pay. If the details match, the check is cleared for payment. If there are discrepancies, the bank contacts the account holder for further instructions before processing the payment.

    Q3: What are the benefits of using Positive Pay?

    Positive Pay offers several benefits, including: Fraud Prevention: It helps prevent unauthorized or altered checks from being paid, reducing the risk of financial loss due to fraud. Peace of Mind: Businesses can have confidence in their payment processes, knowing that checks will only be honored if they match the information provided. Streamlined Reconciliation: Positive Pay simplifies the reconciliation process by ensuring that only authorized checks are paid, reducing the need for manual intervention.

    Q4: Is Positive Pay only for business accounts?

    Yes, Positive Pay is typically offered to business account holders, especially those who issue a large number of checks. It may not be available for personal checking accounts.

    Q5: What information do I need to provide for Positive Pay?

    When submitting checks for Positive Pay, businesses typically provide the following information for each check: check number, date, payee name, and check amount. Some banks may require additional details, so it's essential to check with your specific bank for their requirements.