Proactively monitor changes in payments information
Fraud against business accounts－including business email compromise, vendor fraud, and payroll fraud－is at an all-time high. To mitigate fraud and risk, businesses and their financial institutions need to work together to monitor regular check and ACH payments through a positive pay solution.
Attract Business Accounts
Small to medium-sized businesses have a lot of payment relationships to maintain, but don’t have the controls in place to proactively monitor their payments. Positive Pay helps financial institutions attract business accounts by reducing the risk of payments fraud.
AFS Positive Pay contributions can be initiated by the financial institution or the business themselves. Set-up is easy and once a payment is contributed, its details are monitored on an ongoing basis.
As payments are made on a monthly, weekly or daily basis, Positive Pay allows financial institutions and businesses to track disbursements for updates to payment information. As an FI receives a check or ACH payment, our solution automatically processes and queries the item against our source data.
Receive Real-time Alerts
AFS Positive Pay allows financial institutions and businesses to monitor payments and receive real-time notifications when payment information – including routing numbers, account information, amounts or other details – are at odds with the normal run of business.
Positive Pay is a Necessity in Business Banking
Financial Impact: Today, checks remain the most targeted payment method by fraudsters.
Check Usage in Business Transactions: Despite the growth of electronic payment
methods, checks remain a popular payment instrument for businesses. With a large volume of check transactions, businesses must prioritize securing their financial transactions using Positive Pay.
Small Business Support: Small businesses are particularly vulnerable to check fraud. Positive Pay provides an additional layer of security to help small businesses protect their financial assets.
What people are saying about Positive Pay by AFS…
There is an opportunity to strengthen the fight against B2B payments fraud through collaboration. It’s a concept behind Advanced Fraud Solution’s new tool, Positive Pay, which aims to promote collaboration between finance teams and their banks.
The platform enables corporates to upload information to their banks regarding consistent and relatively predictable transactions they make every month, giving pre-authorization for that bank to complete those payments.
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
By partnering with AFS, we immediately strengthen vendor and payroll fraud protections for our banking partners… Positive pay is a must-have for community financial institutions looking to attract and retain enterprise banking customers in such a competitive marketplace. Chris Doner, Founder and CEO