What does positive pay mean

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Positive pay enables a business match and the check is of criminals and protect its cash flow.

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positive pay cheque instructions
Positive Pay is an automated fraud detection tool offered by the Cash Management Department of most banks. The RBI has introduced an electronic authentication system called Positive Pay that will allow you share the cheque details with your bank before the bank. Positive Pay is a relatively simple, cost-effective cash service offered by banks to help reduce the risk of check fraud by implementing an external safeguard.

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This solution compares each check presented for payment against a file with a list of checks issued by the business. Implement Strict Internal Controls : Establish and maintain strict internal controls for creating and managing Positive Pay files to ensure data accuracy and integrity. Some common requirements might include having an existing, active account in good standing with the bank, issuing a certain number of checks and providing certain verifying documentation.