Positive Pay is an automated fraud detection tool offered by the Cash Management Department of most banks. It is a service requiring that the bank receive an electronic confirmation of a check/payment before a payment is processed.
Since no universal bank industry standards exist for positive pay files, the solution should be flexible enough to modify file layout to meet specific bank requirements.
Idea Origin: Sage Summit - C-0179 Influencing the Design session
by: Sally S. | over a year ago | Financials
Comments
This feature is under development and targeted for a version 7 release. The initial release will provide a sample bank file for a US and a Canadian bank. It has been designed so customers/partners can manage the file definition through setup. Please keep in mind that there is no "standard" format for positive pay files so this configuration will be required for most implementations.
I would suggest enhancing it a bit to allow for creating custom templates as some banks have their own Positive Pay formats. I have run into this issue with Sage 500 customers and it always results in a customization to it in order to create the correct positive pay format the bank is expecting. Allowing for the creation of custom positive pay templates would reduce the need and cost of having a modifications done to X3.