Coming Soon! Positive Pay
Positive Pay is a fraud prevention service that helps businesses safeguard their accounts against unauthorized or suspicious transactions. By reviewing payment activity before funds are released, Positive Pay provides businesses with greater control and protection over outgoing payments. EWSB offers Positive Pay for both ACH and E-Wires, adding an extra layer of security to electronic transactions.
How It Works:
- ACH Positive Pay: Businesses set rules and filters for ACH debits and credits. Any transaction that doesn’t meet the criteria generates an alert for review and approval before posting.
- Wire Positive Pay (E-Wires): Wire transfers are flagged for verification. Businesses can confirm or reject wire requests to prevent unauthorized or fraudulent transfers.
Benefits of Positive Pay:
- Fraud Prevention: Detects and stops unauthorized debits, credits, or wire transfers before funds leave the account.
- Control: Businesses decide which transactions are allowed, rejected, or require additional review.
- Security: Reduces exposure to fraud, account takeover, and cybercrime.
- Efficiency: Automated monitoring reduces manual review time while providing timely alerts.
- Peace of Mind: Ensures outgoing payments align with business intent and authorization.
Common Uses / Services:
- Protecting accounts from unauthorized ACH debits
- Safeguarding against payroll or vendor fraud
- Preventing fraudulent wire transfer requests
- Reducing risk of account takeover
- Adding dual control/approval processes for sensitive payments