Expanded Positive Pay Capabilities
At Bank of America, positive pay just became even more positive for the banks' customers. The bank's Global Treasury Services expanded the capabilities of its verification protection service so that the system can look at check images and detect false or altered payee names.
The old system detected fraud by identifying false serial numbers or amounts on check images. The new system also looks at the payee line and compares it to the payee issue information. The enhanced service will be tested in the second half of 2004.
Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 1, 3/05
First published on 03/05/2004