The Co-operative Bank recognises that preventing financial crime is a top priority for every business and organisation and we are continually working to help combat this potential threat. One way in which we are helping to reduce the risk and safeguard our customers’ finances is with our Positive Pay service.
Positive Pay has been specifically developed for larger organisations, or those which issue a high volume of cheques. The service, which is provided through our e-banking service Financial Director, helps combat fraud by reporting upon cheque values that may have been altered before presentation.
Positive Pay matches files sent through by the customer against cheques presented through the clearing system. The customer checks the report to view any cheques that cannot be reconciled. The benefits of the service include:
- management and control of cheque finances
- keeping track of presented cheques
- being able to put a stop on a cheque
- you don’t have to wait until your statement comes through to find unauthorised cheques
- your business or organisation is in control, as you authorise cheque payments.
The service is free of charge, however there is a fee incurred for any stopped cheques.
A cheque cannot be stopped on the day it is presented to us for payment.