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Bank Payments: Payee Verification

Bank Payments: Electronic Check Conversion

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Bank Payments: Payee Verification

Because Positive Pay has been so successful in identifying fraudulent checks with altered amounts, or counterfeited and duplicated checks, fraud artists have resorted to altering or modifying the payee name on stolen checks with valid serial numbers and amounts. By faking a payee name, they have been able to get checks paid because the bank did not have the actual issue name for review.

CheckFree’s response to this significant risk is the CheckFree Payee Verification™ module integrated with your CheckFree ARP/SMS™ system, which is designed to provide your organization with additional fraud protection and positive pay services for your customers as well as the ability to reconcile and match payee items.

When a check is presented at the bank for payment, the payee name is verified using recognition technology. Any check with an unmatched payee will be rejected as an exception and presented to your customer, along with the other exceptions on the check-issue file. In order to expedite the processing, we added payee verification as an exception category within Positive Pay and also changed the way Positive Pay exceptions can be viewed and corrected. Your operations department will be able to process these accounts and payee exceptions just as they would any other exception.

For more information on payee verification, please contact 888.746.3448 or Request More Information.

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