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Positive Pay & ACH Filtering
These days it feels like we need a super hero crime fighter to keep our information safe. Especially since fraudulent activity on a business account must be reported no later than the next business day after the fraudulent item clears the account, in order to be protected against any loss. Luckily, Bank Five Nine offers crime fighting products like Positive Pay and ACH Filtering to help stop fraudulent activity before it starts.
This service is designed to protect business customers against fraudulent or altered checks clearing their checking account.
How does it work?
Upload a check file into Bank Five Nine's Positive Pay system whenever checks are issued by your business. When the checks are presented for payment, Bank Five Nine will compare them to the check information you submitted and will alert you by email daily of any exceptions, giving you the option to pay or return the exception items.
ACH Blocks and Filters
This service is designed to protect business customers against fraudulent or unauthorized electronic debit transactions clearing their checking account.
How does it work?
Provide Bank Five Nine with a list of companies authorized to debit your accounts. Bank Five Nine's ACH Filtering software will compare any incoming ACH debits to your authorized list. Any ACH debits that are not on the list are considered exceptions. When an exception is detected, the bank will alert you by email daily, giving you the option to pay or return the exception items.
Need a little more information, or ready to get started? Give us a shout!
Cash Management Advisor