Positive Pay For Smaller Companies
A company that provides payment and fraud avoidance software for corporations has developed positive pay software designed to work with a wide range of banks' cash management systems, which means those banks can now offer the protection to more small and mid-sized companies.
IPS of Boston, the software manufacturer, announced recently that its most recent bank customer is PNC Bank Treasury Management. IPS's software, called Double Check, will now work with PNC Bank's check matching service.
Positive pay is a service whereby a company's accounting system sends check issuing information to its bank so that it can compare the checks being cashed with the issuing information. If a discrepancy is found, the information is flagged and sent to the issuing company, which can then notify the bank not to cash the check. While positive pay has been available for some time, it has been difficult for corporate clients to modify their check files into a format banks need so it has been used mostly by larger companies. IPS' product is designed so that smaller and mid-sized companies can pay a one-time license fee to set up positive pay systems that can be accepted at a wide range of banks.
For information, go to www.positivepay.com.
Copyright © 2002 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 12, No. 2, 2/02
First published on 02/01/2002