HIGH POINT, N.C. – February 23, 2021 – Advanced Fraud Solutions (AFS), a leading provider of deposit fraud detection software, today announced the launch of AFS Positive Pay – a positive pay solution designed so that financial institutions, and their enterprise customers, can proactively monitor changes in payments information. AFS Positive Pay allows financial institutions and businesses to monitor payments and receive real-time notifications when payment information are at odds with the normal run of business. This includes flagging routing numbers, account information, amounts or other details.
“Small to medium-sized businesses have a lot of payment relationships to maintain – it’s why they are so often targeted by fraud operators,” said Lawrence Reaves, President and CEO at AFS. “For a business to keep up with the exhaustive details related to vendor, landlord, staff and other payments, requires constant attention. AFS Positive Pay protects and streamlines these day-to-day transactions by creating a contribution and alert system, so that suspicious activity – like a fraudulent actor trying to misdirect funds – is flagged before a payment is disbursed.”
For a business to keep up with the exhaustive details related to vendor, landlord, staff and other payments, requires constant attention. AFS Positive Pay protects and streamlines these day-to-day transactions by creating a contribution and alert system, so that suspicious activity – like a fraudulent actor trying to misdirect funds – is flagged before a payment is disbursed.
Lawrence Reaves, President and CEO at AFS
AFS Positive Pay is easy to use and items can be processed on-demand or in batch.
Here’s how it works:
- Contribute. The financial institution works as a hub and contributes / updates item data on behalf of their business account clients. Business accounts themselves also have an option to contribute / update items. This is done throughout the lifecycle of the item, and can be monitored accordingly.
- Query. As payments are made on a monthly, weekly or daily basis, positive pay allows financial institutions to track disbursements for updates to payment information. As a financial institution receives a check or ACH, AFS Positive Pay processes and queries the item against the Positive Pay source data.
- Alert. If payment information is changed or altered compared to the information contributed by the business, the financial institution will be alerted in real time, prior to the disbursement of funds, for investigation.
AFS Positive Pay is the latest deposit fraud prevention solution in AFS’ decade-long commitment to fighting fraud. It was developed out of a need in the market for financial institutions to protect, maintain and attract commercial business customers.
To learn more about positive pay, or to schedule a demo, click here.
About AFS
Advanced Fraud Solutions was founded in 2007 with the simple mission to help financial institutions and businesses prevent fraud by utilizing our comprehensive private cloud-based software solutions at the front line and in the back office. Every day, our innovative fraud prevention tools help banks, credit unions, and merchants of all sizes eliminate losses and safeguard their financial assets, providing the level of protection that today’s customers demand. At Advanced Fraud Solutions, we know the best way to fight fraud is to prevent it. Learn more at Advanced Fraud Solutions.
via PRNewswire
