More and more banks are moving towards the requirement that their commerical customers submit an electronic file verifying that physically issued checks match what was cut by the payables department.
by: Roberta V. | over a year ago | Financial Management
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In Product Update 2 for v4.4 you can now do Positive Pay export. As a way to combat check fraud, many financial institutions are now requiring and/or offering lower bank charges for customers who implement a Positive Pay system. The Positive Pay Wizard generates an electronic file containing key information about your checks. That file is transmitted to the bank for use in comparing with the physical checks that are presented for payment against your account.