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 and Maintain 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.
Automated Payment Monitoring
As payments are made on a monthly, weekly or daily basis, AFS Positive Pay allows financial institutions and businesses to track disbursements for updates to payment information. As a financial institution receives a check or ACH payment, AFS Positive Pay automatically processes and queries the item against the Positive Pay 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.
What people are saying about AFS Positive Pay…
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