Avoid Check Fraud with iSeries Positive Pay

Positive Pay is a check fraud fighting application by inFORM Decisions. The electronic process allows companies and banks to mutually increase their level of security to an organization's check printing process.

Explaining the function of Positive Pay, Dan Forster, the President of inFORM Decisions said, "According to a top U.S. accounting firm, 500 million checks are forged annually, with losses totaling more than $10 billion. The law generally allows merchants and banks to seek restitution from the payee, so it's important to do everything you can to limit your exposure and liability."

Positive Pay captures pertinent check information like check number and amount from check-writing applications then saves them in a cash handling file. The application can also generate a report which will be periodically sent to the bank. The information in the report lets the bank know which checks should not be pay. If the bank pays for a fraudulent check, it will be responsible for the check itself.

Initially, Positive Pay was an add-on module for inFORM Decisions' iCheck. Since version 4.0, there are new connectivity features added that can reduce a company's network maintenance costs and bank fees. Users now can use Positive Pay to send data for multiple accounts in a single session thanks to the new Account Stacking Feature. The enhanced version of Positive Pay also supports sending check data via FTP.

Visit www.informdecisions.com or contact inFORM Decisions at 800.858.5544 FREE right now to get further information.

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