Powerful Protection from Check Fraud with the Positive Pay Module
Positive Pay for Dynamics SL, formerly known as Solomon, is a powerful, yet very simple process in preventing check fraud. While each bank utilizes Positive Pay in slightly different ways, the general process is universal:
After a company has issued checks (but before they distribute them), they provide a report of those checks to the bank. The report contains critical information such as the check numbers, dates, amounts and account numbers and is normally transmitted electronically. When the time comes for the bank to pay or not pay the check, they will compare the check to the Positive Pay report.
If the information on the check is not identical to the entry in the Positive Pay report, the check is not paid until the bank can get an approval or denial from the company. This protects your company from check fraud because criminals cannot cash fraudulent checks just by using your account number. This also prevents payees from altering the check amount or other pieces of information.
Take a look at the Positive Paybrochure.