Account Reconciliation/ Positive Pay
A simple, safe and secure web-based account fraud prevention and check management tool, Account Reconciliation/ Positive Pay is designed to help your business avoid financial loss due to check fraud. Account Reconciliation/ Positive Pay aids your company’s account reconciliation process. Comprehensive reporting tools allow you to research, analyze, and check payment activity that has occurred.
How it Works:
When you write checks for your business, the checks are sent to UniBank as an electronic file with the check number, issue date and amount of each check. Each night, all information is checked during the reconciliation process. If all of the information matches, the check is paid. If there is a problem, or check fraud is suspected, an alert is sent to you via email. If an alert is received, you log onto the website and review the exception report. You have complete control over deciding whether or not a check should get paid.
There is no special software required for Account Reconciliation/ Positive Pay. You simply need to include the check number, issue date and check amount in a consistent format. With Positive Pay you can:
- Avoid check fraud
- Sort outstanding and cleared checks via Nubian’s comprehensive reporting tools exception items, voided and stopped checks.
- Have complete control over who has the authority to make exception decisions as well as an activity log of all decisions
- Save time: UniBank’s transaction management requires minimal manual intervention
- And more
For more information on Account Reconciliation/ Positive Pay and how it can protect your business from fraud, please contact your relationship manager or call the Cash Management Department for a complimentary evaluation at 800.578.4270.