Postive Pay Flashcards
1
Q
What are the three types of positive pay?
A
- Positive pay
- Payee Positive Pay
- Reverse Positive Pay
2
Q
What is positive pay?
A
It matches each check presented against list of checks issued
3
Q
What is payee positive pay?
A
It matches payee name from issue file to payee on check
4
Q
What is Reverse Positive Pay?
A
The bank sends that file to the company, where the company compares the information to its internal records
